The Australian Olympic team in London now has just one goal, beating New Zealand.

The Aussies went to the games hoping to challenge hosts Great Britain in a kind of Olympics Ashes.

That has failed spectacularly with Team GB winning at least 18 gold medals and Australia just two.

Deputy Chef de Mission Kitty Chiller said it will now be a trans-Tasman contest.

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"I think now to catch GB is, I don't really like to use the words, not only impossible but it's going to be extremely difficult.

"New Zealand, we don't wanna suffer jokes for the next three years and 50 weeks until Rio, so hopefully we can overcome them."