The Wallabies fell just short in a thrilling 10-try epic against Ireland, losing 33-31 after Ben Donaldson's late penalty went wide. Photo: AFP

Coach Joe Schmidt says Australia must be better at taking their opportunities as players rallied around Ben Donaldson after he missed a crucial late penalty against Ireland.

The Wallabies suffered a gut-wrenching 33-31 defeat to Andy Farrell's men in Sydney on Saturday after a rollicking 10-try Nations Championship Test that saw the lead change hands seven times.

"We had two chances to close it out in the end, sometimes they don't come off, but I was really pleased with how we started the game," Schmidt said.

"Right from the very start, getting that early try was important, but we know that they convert very well from any position they get inside the 22.