Graham Arnold's Under 23 team will meet Serbia in Shanghai on 7 August, one day before the official opening of the Games.

Australia's other opponents in the Group A first stage include the 2004 Gold Medal winners Argentina (10 August, Shanghai) and Olympic Games debutants, the Ivory Coast (13 August, Tianjin).

The draw was made just a few minutes ago in Beijing and it hands the Olyroos an opportunity to gain revenge for a 1-0 defeat suffered at the hands of Argentina at the 2004 games in Athens.

Taking on Serbia will trigger altogether happier memories from the same tournament where the Olyroos dished out a 5-1 thrashing. John Aloisi and Ahmad Elrich both netted twice in that match with Tim Cahill also on target.

The Olyroos are in Group A of the Beijing tournament. New Zealand have been drawn in Group C where they will face hosts China, as well as Brazil and Belgium.