AUSTRALIA'S performance at the London Olympics, its worst result in 20 years, has cost taxpayers $10 million for each medal won.

The effort of Great Britain, the host and Australia's arch-rival, which has easily eclipsed Australia's effort in Sydney in 2000, cost significantly less at about $7 million, The Age has established. Britain is expected to finish third in the medal tally. Britain and Australia still have medal hopes in the remaining days of competition.

The data reveals that the Australian Institute of Sport spent a record $310 million of public money on the Olympics campaign. Swimming, with one gold medal in the women's 4x100 metres freestyle relay, took nearly $39 million of that, over four years. Australia's swimmers won six gold medals in Beijing (2008) and seven in Athens (2004).

Its budget has almost doubled since 2009, in preparation for these Games. The last time Australia failed to win an individual swimming gold was at Montreal in 1976, when its feeble overall performance (one silver and five bronzes) led the Fraser government to pump money into the creation of the institute. Swimming Australia has ordered a review of this year's performance.