Swimmer Liesel Jones won two golds and one silver for Australia
The Australian government is looking at following Britain's lead and using lottery money to boost their medal count at the 2012 Olympics.
Australia finished behind Britain in the medals table for the first time in 20 years at the Beijing Games.
Australia won 46 medals, 14 golds, while Team GB won 47 medals, 19 golds.
Prime Minister Kevin Rudd said: "We want to have another look at [lottery funding], it's a positive, constructive idea, let's see if it works."
The head of Australia's Olympic committee, speaking on Australian TV, also said the main objective should be to beat Britain.
"When it comes to sports funding, it's not either or - either community sport or elite sport. We'll be doing both," he added.
Australians in the UK give their view of Team GB's success
However, France will not be replicating the British model to up their medal tally in 2012, according to secretary of state Bernard Laporte.
France finished in 10th on the medals table, having picked up seven gold medals.
But Laporte, the former French rugby union coach, said: "We aren't just going to concentrate our means on four or five sports to bring home the medals, like the British have done."
In Brazil, the president, Luis Inacio Lula da Silva, called for people to take sport more seriously after their Olympic team returned with just three gold medals.