Bailey has also been 20 percent of his match fee while his teammates have been fined 10 percent of their match fees.
Since Bailey had previously been found guilty of a minor over-rate offence in ODIs within the last 12 months this offence constituted his second minor over-rate offence for the purposes of the ICC Code of Conduct.
"Andy Pycroft of the Emirates Elite Panel of ICC Match Referees imposed the suspension on Bailey after Australia was ruled to be one over short of its target at the end of the match when time allowances were taken into consideration," an ICC release said.
Steve Smith is likely to lead the side in the Friday's contest in Hobart.
In accordance with Article 2.5.1 and Appendix 2 of the ICC Code of Conduct, which deals with minor over-rate offences, in the case of a second minor over rate offence in the same format of the game within 12 months, the captain receives a one match suspension and is fined 20 per cent of his match fee, while the players are fined 10 percent of their match fees for each over their side fails to bowl in the allotted time.