With this result, Australia are almost certainly out of the World Cup, and a draw between Chile and Spainwill see Holland qualfy for the knockout stages.
The first goal game when Arjen Robben burst past Alex Wilkinson on the halfway line, evaded his challenge, drove towards goal and blasted a shot past Mat Ryan's far corner.
Only 70 seconds later, Australia had equalised, when Tim Cahill volleyed in a spectacular shot, just inside the area, from a crossfield pass.
In the second half Australia were generously awarded a penalty after Daryl Janmaat handled a cross at close range, and Mile Jedinak converted easily. Four minutes later Robin van Persie rifled an equaliser high into the net.
Manchester United can take more encouragement from the enthusiasm and ruthlessness displayed by Van Persie under Louis van Gaal - as can the Dutch fans. They have defensive weaknesses, but Holland appear one of the most potent sides in the World Cup.
KEY MOMENTS
18' - VAN PERSIE HEADER - Robben curls in a deep free-kick, but Van Persie can only glance it on towards goal.
20' - ROBBEN GOAL - A brilliantly speedy run from midfield by Robben, evading defenders and tackles, concludes when he puts a low shot into the net with minimum fuss.
21' - CAHILL GOAL - A ridiculous volley. A ball over the top of the defence is met by Cahill and volleyed lightning-quick past the Dutch 'keeper.
25' - VLAAR HEADER - Ron Vlaar meets Robben's corner at the near post, and he heads just over the bar. 31' - BRESCIANO MISS - Leckie pulls the ball across the box from the right hand side, but Bresciano runs onto it and sends it well over.
44' - CAHILL YELLOW - A second, nasty challenge from Tim Cahill on Bruno Indi Martins sees the defender stretchered off. He should have been seeing red for that, but misses the next match anyway.
53' - PENALTY - Bozanic crosses in from the left wing and hits Janmaat's hand from about two yards - the referee gives a very generous penalty.
54' - JEDINAK SCORES - Taking a few steps into the run up, Jedinak fires a confident penalty to put Australia ahead.
58' - VAN PERSIE GOAL - Jason Davidson plays Robin van Persie onside to collect a through ball, and he sends an emphatic finish into the roof of the net.
64' - VAN PERSIE FOUL - Van Persie goes in hard and late on Jedinak, and is very, very lucky not to get a second yellow. 68' - DEPAY GOAL - Depay's swerving shot should be saved by Ryan, but a combination of bounce and movement deceives the 'keeper and it flies past him into the net.
74' - RYAN SAVE - Van Persie tees up Nigel de Jong and his powerfully hit, skidding shot is well saved by Ryan.
KEY STATS
Arjen Robben has scored eight goals in his last eight games for the Netherlands and also has netted four in his last four World Cup games.
Tim Cahill has netted three goals in his last three World Cup games.
Daley Blind has provided three assists in two games in World Cup 2014.
Tim Cahill has scored five of Australia’s 11 goals at the World Cup. Including assists (1) he has been involved in 54.5% of their all-time World Cup goals.
There were just 70 seconds between Robben’s goal and Cahill’s equaliser.
The Netherlands have now gone seven World Cup games without keeping a clean sheet.
In his first 23 minutes in World Cup football, Memphis Depay scored and assisted a goal for the Netherlands.
Robin Van Persie only completed one pass (out of four attempted) in the first-half.
Australia have conceded in each of their last nine World Cup matches, shipping 2+ goals in five of those.
The Dutch have won three of the last four World games in which they’ve gone behind.
TALKING POINT
GREAT GAME (AGAIN), SHAME ABOUT THE REFS (AGAIN): The referees are poor enough to ruin this World Cup. For all the goals and excitement, this match provided countless poor decisions, particularly on bookings. Van Persie and Cahill should both have been sent off for their recklessness - a player could soon be seriously injured, or score when they should have already been sent off.
MAN OF THE MATCH
Robin van Persie - Both he and Tim Cahill scored excellent goals, and both should have seen red, but Van Persie's superior all-round play meant he brought in others around him to produce Holland's victory.
PLAYER RATINGS
Australia:Ryan 4, Davidson 5, Cahill 7, Spiranovic 5, Leckie 6, Oar 6, Jedinak 6, McKay 4, McGowan 4, Wilkinson 5, Bresciano 6. Subs: Halloran 5, Bozanic 6, Taggart 5.
Netherlands:Cillessen 6, Vlaar 6, De Vrij 6, Martins Indi 6, Blind 6, De Jong 6, Janmaat 5, De Guzman 5, Van Persie 7, Sneijder 6, Robben 6. Subs: Lens 6, Wijnaldum 6, Depay 6.