The announcement of extra funding for the period 2009-2010 was made by Australia's Sports Minister Kate Ellis, who lost her bet with British counterpart Gerry Sutcliffe that they would finish above Team GB in the Olympic medals table.

 

But Britain finished above Australia for the first time in an Olympics for 20 years as they won a total of 47 medals, including 19 gold, to come fourth in the overall medals table.

 

Australia finished sixth with 46 medals, 14 of which were gold.

 

Included within the A$12.6 million (£5.3 million) funding is $8.1 million (£3.4 million) for currently funded national sporting organisations to further support their work developing Australia's elite athletes.

 

The funding is critical in the lead up to the 2010 Delhi Commonwealth Games, the 2010 Vancouver Winter Olympic and Paralympic Games, and the 2012 London Olympic and Paralympic Games, Ellis said.

 

The balance of the funding - $4.5 million (£1.9 million) is for Australian Government Sport Training Grants which provide funds directly to targeted elite athletes, selected on the basis of medal potential, to assist with their preparations for international competition.

 

The funding commitment is being provided pending the outcome of the Government's independent review of sport being undertaken by a panel chaired by David Crawford.

 

Australian Sports Commission acting chief executive officer Brent Espeland applauded the additional investment in high performance sport.

 

He said: "This additional $12.6 million (£5.3 million) from the Commonwealth Government provides high performance sport in Australia with enhanced security and certainty to plan for the 2009-10 financial year.

 

"This will ensure that national sporting organisations can continue to retain top coaches, plan their athletes' domestic and international competitions and stay on course as we turn our sights to coming major sporting events."