An Australian airline is taking a punt on New Zealand's Olympic effort by offering cheap fares for every medal won.

Jetstar says it will offer 120 domestic fares at $12 for every medal the Kiwi team brings home.

The Qantas subsidiary said it will also fly team members from Auckland to Christchurch for a welcome home celebration in Christchurch on August 24.

Jetstar Australia and New Zealand chief executive David Hall said offering the special fares would give Kiwis more reason to celebrate when New Zealand Olympians made the podium.


"We are thrilled to be supporting the New Zealand athletes as they take on the world's best at the London Olympic Games," Hall said.

At the 2008 Olympics in Games in Beijing New Zealand won nine medals including three gold.

"We are right behind the team and looking forward to them hopefully hitting double figures so we can offer 1200 seats at $12."

A report by investment firm Goldman Sachs backs that and has found that based on New Zealand productivity and growth this country should bring home 11 medals, including three golds.

However, another study suggests the airline won't have to dig so deep in the promotion.

The study by PriceWaterhouseCoopers UK (PwC), has predicted the overall medal tally for the top 30 countries competing at this year's Games and has New Zealand placing 28th with seven medals, two less than the nine-medal haul four years ago.

Kiwi rowing crews, cyclists defending women's shot put champion Valerie Adams are rated New Zealand's best medal chances.

High Performance Sport New Zealand chief executive Alex Baumann has said "10 or more" medals was realistic.

The $12 fares will be available for sale after the Olympics which close on August 12.