For the third straight World Cup, France fell short of reaching the semi-finals as they went down 7-6 in a dramatic shootout to the Matildas after their tie at Lang Park finished goalless following extra time on Saturday.
But Renard, who took charge in March, said France could not have done anything more, instead turning his attention to next year's Paris Olympics and the chance to win gold on home soil.
"I have lost competitions on penalties before, but I am proud of the players," said the well-travelled Renard, who led Zambia and Ivory Coast to Africa Cup of Nations titles after shootout wins in the finals.
"I would like to congratulate my players for playing so well against an entire nation. I cannot reproach them for anything. Next year we will be at home. We still have a chance to win something."
Renard was hired to replace Corrine Diacre at the helm of a France side in turmoil, when the former coach's position became untenable after key players refused to play under her.
He resigned as coach of the Saudi Arabia men's team - whose shock win over eventual champions Argentina was one of the highlights of last year's World Cup - to take over at France, rebuilding the squad and recalling players frozen out by Diacre.
France topped their World Cup group with wins over Brazil and Panama and brushed aside Morocco in the last 16, turning into genuine contenders while several favourites and former champions crashed out.
They were looking to reach the semi-finals for the first time since 2011 but were left to rue missed chances against Australia in the first half and extra time, before failing to convert four penalties in a tense shootout.
"We were up against a really great goalkeeper, who had an exceptional match," Renard said of Australia goalkeeper Mackenzie Arnold. "She made the difference.
"It was 50-50 tonight, but destiny favoured Australia."
France have never reached the final of a major tournament. They hosted the 2019 World Cup and lost to eventual champions United States in the quarter-finals.
The pressure of home expectations will be on France again next July at the Olympics, but they will hope Renard can take them a step further and deliver the silverware that has proved so elusive.
"We just fell short tonight and that is my responsibility," Renard said. "I didn't manage to do better with this team than in 2019.
"Now we have to look forward... It has been a great experience. I would have preferred to win, but that's football. It will allow us to come back stronger."
