Australia started the game well but spurned chances as Aston Villa midfielder Mile Jedinak missed the only good chance early on. Peru were not to be denied though, as they soaked up pressure and caught Australia on the break with a cross from wide being met by a top class volley from Carrillo.
As Australia continued to create chances Peru were lucky to escape with the lead. At the half time break the Socceroos were unlucky not to finish through reported Villa target Trent Sainsbury missing two good chances, but once again looked solid in defence, comfortable on the ball and got forward when possible.
In the second half the Socceroos attacked with greater urgency, throwing players forward and were caught out early as the defence were pulled out of position and a clever finish by Guerrero slid passed Mat Ryan.
Australia threw all the chips in for the remaining 40 minutes with attackers coming on, continuing to create the greater number chances including a late free kick from Villa's bearded warrior, but were unable to get the breakthrough.
Australia exit the World Cup in disapointing fashion and ultimately a feeling of inability to finish good chances in open play a major cause. Denmark managed to come through with draw in their final match to progress alongside France in Group C.
At 33, Russia is likely to be Mile Jedinak's final World Cup with no word on his international future and national hero Tim Cahill likely to retire from international duty.