The dream may be over, but the Socceroos have once again captured the hearts of Australians.Thousands braved the winter chill to pack live sites and pubs across the country for the pre-dawn World Cup Round of 32 clash against Egypt.Millions more watched from home, sharing in the players' heartbreak after they were beaten in a penalty shootout.It brought to an end a historic campaign that saw the Socceroos finish second in their group and reach the knockout stage of a World Cup for just the third time and contest their first ever penalty shootout in the tournament. While the ending was cruel, the Socceroos and Australian football can take plenty of encouragement in what lies ahead. News that makes senseYour trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.The 26-man squad had an average age of 26.8 — the second-youngest Australia has taken to a World Cup.Jackson Irvine (left) said the team were proud of their efforts. Source: Getty / Robbie Jay BarrattSome of the team's standout performers were also among its youngest, including Nestory Irankunda, 20, Jordy Bos, 23, Patrick Beach, 22, Paul Okon-Engstler, 21, Cristian Volpato, 22, Alessandro Circati, 22, and Lucas Herrington, 18.Those players are expected to attract growing interest from top European clubs in the years ahead — Barcelona lodged a bid for Herrington on the eve of the tournament — and they will only continue to improve with age and experience.By the time the 2030 World Cup rolls around, many will be entering their physical and tactical prime. They will play key roles for the national team, with several World Cups potentially still ahead of them.The diversity of the 26-man squad — comprising at least 15 cultural and ethnic backgrounds — also became a focal point of the team's World Cup campaign, with the players releasing a video celebrating their migrant roots on the eve of the tournament.Migrant advocates said the team's diversity offered an important counterpoint to anti-migrant sentiment and political attacks on multiculturalism.Speaking after the loss, veteran Socceroo Aziz Behich said the side had "set the bar" for the future. Awer Mabil and Nestory Irankunda are the Socceroos' World Cup exit. Source: Getty / NurPhoto/NurPhoto via Getty Images"Two World Cups in a row; we've reached the knockout stages." "No one else has set the bar for us. That's us as a squad and as players and staff."We've done that from the way we've worked and the way we've played to get ourselves in this position."So I think that's got to be the standard from now on, getting out of the group and hopefully next World Cup we'll be knocking on the door and getting out the knockout stages."Former Socceroo Tommy Oar was equally optimistic about the future. "I think we have the most exciting young squad that we've had in a number of years, since I can remember," he told SBS News. "Maybe the Golden Generation players playing at very good clubs across the world, but also at the very start of their careers. Despite the heartbreaking exit, coach Tony Popovic said his players had given everything throughout the tournament."I've always maintained it's a wonderful group. They showed how good they are tonight," he said."At this moment right now, everything's a little bit tough to take, but I'm sure every Australian is proud of the group and what they did throughout the tournament and tonight."The Socceroos will next turn their attention to next year's Asian Cup in Saudi Arabia.— With additional reporting by Haylena KrishnamoorthyFor the latest from SBS News, download our app and subscribe to our newsletter.