The winner plays New Zealand at Lord's in the final on Sunday.
Australia leads long-time rival England 82-61 in completed ODI matches and 6-2 in World Cup games. It beat England by 64 runs in the group stage of the current edition.
Australia has two batters in the top five scorers at the tournament — openers David Warner (638) and Aaron Finch (507) — and the leading wicket-taker in Mitchell Starc (26). Joe Root is England's top scorer on 500 runs and its leading wicket-taker Jofra Archer has 17.
England, playing its first World Cup semifinal since 1992, has beaten Australia in three straight ODI games at Edgbaston.
Mostly overcast conditions and possible showers are forecast for Birmingham with temperatures up to 22 degrees Celsius (72 Fahrenheit).