Ricky Ponting batted for seven hours on the final day to score the first Australian century of the series, but was dismissed with only four overs left and Australia's last two batsmen facing them.
Brett Lee and Glenn McGrath managed to hang on for those four overs to salvage a draw for Australia, with England unable to take the last wicket.
However, with the need to bowl for two innings in a row, Simon Jones, England's best swing bowler, started showing signs of injury and was taken to hospital for a scan on his ankle.
A crowd of 11,000 turned up to see the tourists win with one ball to spare, although in practice the result was always clear after an opening partnership of 131 between Adam Gilchrist and Matthew Hayden.
The Aussies got an ideal start as Stephen Fleming edged Brett Lee's first delivery to the slips and the Masters XI were 0 for 1, having been put in to bat by Australia.
(Cricinfo scorecard) England started cautiously in the only Twenty20 International against Australia at the Rose Bowl, only hitting six runs off the first two overs as they saw off the bowlers, but Geraint Jones then decided to have fun with Brett Lee.
That prompted a bowling change, with Michael Kasprowicz coming on for Australia, and with good reward, as the penultimate ball of his over was caught by Symonds at midwicket – Andrew Flintoff out for 6.
(Cricinfo scorecard) Perhaps, the biggest upset in the history of One Day Internationals, Mashrafe Mortaza shocked the Sophia Gardens crowd when he had Adam Gilchrist plumb on the second ball of the second ODI, taking the first Australian wicket without a run yet on the scoreboard – and it was to set the tone of the match.
Most people would have expected Australia to swamp Bangladesh, especially after the 10-wicket defeat the Bangladeshi Tigers endured in the opening match with England, but a maiden from Mortaza gave them some hope, at least.
As he made the second ODI hundred in the Bangladesh team's history, he forged a massive 130-run partnership with Habibul Bashar, and had a great two hours at the crease (although dropped on 54) – before picking out Jason Gillespie at long on to be out for exactly 100.
Thus, it became a formality – Bangladesh won with four balls and five wickets to spare, almost convincing in today's cricket, and the result meant that the Aussies needed a victory over England at Bristol the following day to have any chance of winning the group stage.
Ricky Ponting chose to bat when he won the toss for the visiting Australian cricket team in an extremely tense and see-sawing match at The County Ground, Bristol.
They did, although in jerky fashion, Collingwood eventually falling to Kasprowicz and Flintoff mistiming a hit off Hogg to see England into a spot of bother at 119 for 4 after 27.2 overs, with Vaughan and Kevin Pietersen at the crease.
A level headed 7 not out from Lewis – making up somewhat for his bowling – ensured the English were home by three wickets and 15 deliveries – and the Australians had only managed two points from their first two matches, while England had gained 11.
Chris Tremlett who had made an impressive debut against Bangladesh, struggled early on with his line and length, and the Australian openers Matthew Hayden and Adam Gilchrist punished him for runs.
Andrew Flintoff and Steve Harmison, the change bowlers, kept the pressure up on the batsmen, however, not letting too many runs away even though they bowled the occasional wide, and they could reap the rewards with two quick wickets, Ponting for 27 and Hayden for 39, and people began to remember the last ODI between the sides.
In the next over, Trescothick was gone for a 15-ball duck, to an away-swinger from McGrath, and two balls later Paul Collingwood gave a massive inside-edge onto his stumps – England were six for three, and staring down the barrel.
Tushar Imran was next to fall to Lee, and many expected a procession to begin, but Shahriar Nafees and Mohammad Ashraful gave the crowd a treat with some special strokes.
It didn't look to be low-scoring early on, though, as Adam Gilchrist and Matthew Hayden punished the England opening bowlers Darren Gough and Simon Jones to be 50 for 0 after 6.3 overs.
In fact, he and Harmison were part of a remarkable streak – they served up 28 successive dot-balls to Symonds and Michael Clarke (who bowed under to the pressure and was hit on the pad, out lbw for a 19-ball two).
Flintoff had ample time to rip out Brett Lee and Jason Gillespie, and, with Harmison taking care of Brad Hogg and Glenn McGrath committing batting suicide with a shot not exactly out of the textbook, Australia were all out for 196 – and England were comfortably in the drivers' seat.
Collingwood and Geraint Jones decided to wait, giving McGrath maiden overs (as he finished his first bowling spell with figures of 7–4–9–3), and despite the batsmen being rapped on the pads, they survived, even taking the occasional six off Jason Gillespie.
Putting Australia in to bat, they didn't get immediate reward – as especially Darren Gough was smashed about by Adam Gilchrist, but the run rate at least stayed around four an over.
Ricky Ponting and Damien Martyn added 39 for the next wicket, but in 11 overs, all while the English captain Michael Vaughan set attacking fields according to the new power play rules.
This match was eerily similar to the one two days earlier – except that Jason Gillespie actually got rewards with the ball, and the batsman to play himself into form was Adam Gilchrist – however, both England and Australia picked batsmen as their supersubs, just like on 10 July.
In all, it was a comprehensive victory for Australia, probably one of their easiest on the entire tour – possibly excluding the 19-over demolition of Bangladesh in game six of the group stage, with the biggest excitement being when the officials and players were presented to His Royal Highness the Duke of Edinburgh in the break.
Although Cricket Scotland had insured against rain to alleviate pecuniary disadvantage, the lack of a match represented a lost opportunity to help develop the game north of the English border.
(Cricinfo scorecard) Match drawn The first day only allowed one over of play, after Vikram Solanki sent Australia in to bat and Justin Langer hit a four off Kabir Ali.
Worcestershire got off to a good start on the final day, Stephen Moore and Solanki making 85 for the fourth wicket after Jason Gillespie shook the top order early on.
Northamptonshire were bowled out for 169, and Australia opted to bat again, Simon Katich and Justin Langer both making half-centuries before the final day's play ended and the game was drawn.