Money will be redirected from the Australian Sports Commission (ASC) to launch a new initiative - the Green and Gold Project - that is designed to try to regain Australia's place among the top five Olympic nations at London 2012.

They slipped out of the top four to sixth at the 2008 Olympics in Beijing, their lowest position since Barcelona in 1992 as a British team, strengthened by extra National Lottery funding as a result of London being awarded the Games, finished above them for the first time since 1988.

"There's no doubt that it is a modest sum but it will be targeted to those sports, we think, can make a difference in London," Arbib said at the Australian Paralympic Committee President's lunch in Sydney.

"The 'Green and Gold' project is designed to turn potential fourth, fifth, and six results into medals and turning bronze medals into silver and gold.

"I am an unapologetic supporter of elite sport."

He has brought together the ASC, Australian Institute of Sport and Australian Olympic Committee (AOC) to oversee the project and urged them to use the knowledge gained in elite sport over the last 30 years to help make a difference.

A new head coach forums is to be set up under the chairmanship of Britain's former head swimming coach Bill Sweetenham to try to ensure Australia gain revenge over Britain.

Britain won 19 gold medals compared to Australia's 14 in Beijing, leading to plenty of gloating from the Poms, including The Sun hiring a lorry to drive around London with a banner asking "Where the Bloody Hell Were You", mocking a campaign that had been launched at the time by the Australian tourist authorities.



"Wherever you travel, and you tell people you're the Australian Sports Minister, straight away they start talking about how they're going to beat us at the Olympics or the Paralympics," Arbib said.

"We're never going to be able to match our competition dollar for dollar so we've got to do it better."

Besides cycling, rowing and sailing, the other sports who will benefit from the extra funding will be swimming, canoeing, athletics, diving, gymnastics, triathlon and equestrian.

Yachting Australia High Performance Director, Peter Conde, said that the announcement of the new funding came at an important time for the Australian sailing team.

"With just 18 months remaining until the 2012 London Olympic Games, we are entering a crucial time with athletes competing across the globe, as they strive to get in as much racing against world class opposition as possible," he said.

"Additional funding, a part of the Federal Government's Green and Gold project, has been provided for a number of specific new projects which are key in supporting our athletes to win gold medals at London 2012.

"The Australian sailing tTeam currently has three crews ranked number one in the world; Laser sailor Tom Slingsby, 470 crew Mathew Belcher and Malcolm Page and Women's Match Racing crew, Nicky Souter, Nina Curtis and Olivia Price.

"In 2010 won five medals at World Championships, so this additional funding will assist in keeping our athletes at the top level and grow our list of world champions.

"Support of the Australian Sports Commission and the Australian Institute of Sport in securing this additional funding is greatly appreciated by our team."

Contact the writer of this story at [email protected]