The Matildas reached the semi-finals before being beaten 3-1 by European champions England.

They were unable to finish with a place on the podium after being beaten 2-0 by Sweden in yesterday’s third place match in Brisbane.

The team’s achievements were celebrated at an event in the city today, with crowds gathering at the Riverstage.

A highlight of the celebration was Brisbane’s Mayor Adrian Schrinner gifting what he called "the greatest honour that a city can bestow on any person or any team."

"Words are never enough - but today, on behalf of the city of Brisbane, on behalf of the people of Brisbane, it's my honour to give [the Matildas] the keys to the city," Schrinner said, as reported by ABC News.

"But let's be honest, this team doesn't need any keys, they've smashed down the doors [and] ceilings.

"We've heard the figures on this World Cup, and just how it has blown all of the records out of the water [and] there's actually one team that's done that more than any other team that's played - the Matildas.

"But these things - the attendance records, the viewership - they don't show the full picture.

"How do you measure the inspirational effect that this team has had?

"You can’t, it’s too big."

Queensland Premier Annastacia Palaszczuk also spoke during the event and pledged to build a statue at the Suncorp Stadium in Brisbane in recognition of the team’s performance at the tournament.

She also presented the team with a photo and plaque remembering the team’s penalty shoot-out victory against France in the quarter-finals.

Paying tribute to the team Palaszczuk said: "They have proven, it's not the shoes you stand in, it's what you stand for that matters - and the Matildas stand for something - fair play, a fair go for women and for girls across Australia.

"Their boots have stepped across a nation and united us all, they have shown girls everywhere that anything is possible."

Palaszczuk also pledged to increase legacy funding for women’s football, including upgrades to four facilities that acted as training sites and base camps for teams during the tournament.

These facilities are Perry Park in Brisbane, Spencer Park in Brisbane, Lions Stadium in Richlands and Moreton Bay Central Sports Complex in Burpengary.

Reflecting on the tournament Matildas player Sam Kerr said on stage: "We would've played this World Cup with one person in the crowd, so for you to pack the stadiums out every game, it's been a dream come true and we can't thank you enough.

"[We] definitely felt the love, the fans outside our hotel, outside the stadium, sending messages, wearing our jerseys … we see everything, we appreciate everything."

The semi-final between Australia and England produced record television viewing figures in Australia with a peak of 11.15 million people watching the match, beating the peak audience of 7.2 million during the quarter-final against France.