It was a good result for Britain as they had to claw back from two goals down to earn the point.
The Australians were disappointing in that they failed to capitalise on the lead and would rue the lost two points from the match.
Both teams now have four points after a win and the draw.
Australia defeated Malaysia 6-1 and were beaten 1-2 by Japan.
Britain, on the other hand, had beaten New Zealand 3-2 and had also lost to Japan 1-2.
Australia coach Chris O’Reilly said that the chances of making final do not rest with them.
“We need to win the next two match and bag six points to stand a chance. But even then, it is out of our hands. We are playing well but in patches. We missed several chances to score and the defensive play was not good.
“This tournament is shaping up to be a close encounter and you cannot discount any teams of making the final at this stage,” he said.
The Australians started out strongly and scored in the 26th minute through a Blake Wotherspoon penalty corner. They increased their lead in the 44th minute with another penalty corner taken by Nathan Ephraums.
A two-minute spell in the fourth quarter allowed Britain to snatch a draw.
Cameron Golden was the hero as he scored in the 46th and 47th minutes off two field attempts.
Britain coach Jon Bleby was happy to see the fightback from the players.
“It is always good to get a point off Australia. We played well in the later stages and I always felt that getting a goal Back will shift the momentum our way. We still have two matches to go and we will take one step at a time.
"We play the Host Malaysia next and that cannot be an easy match either. This tournament gives a lot of learning experience for the players and we are happy with the exposure they have had. I think we will get going from now,” he said.