In the Financial Review columnist Alan Stokes said of the reaction: "Thank Christ James 'the Missile' Magnussen didn't lose to a Pom or a Kiwi".
The women's hockey team did just that, of course, with their opening 1-0 defeat to New Zealand, and Beijing gold medal rowers David Crawshaw and Scott Brennan were pipped by Kiwis Nathan Cohen and Joseph Sullivan in the double sculls.
There were warnings Australia might not do as well as at previous Olympics.
Even bankers pitched in. ANZ chief economist Warren Hogan and foreign currency strategist Andrew Salter said the Aussies were usually "vastly more successful" when the dollar was weaker and, given the muscular aussie, they predicted the nation would finish 16th in the final medal count.
Australia had been placing great hopes on its swimming strength - hence the poolside despair - and in cycling, now hit by the withdrawal of Cadel Evans, last year's Tour de France winner.
It is still early days and Australians have been collecting more medals in the pool, with the nation's tally at the end of Tuesday's events reaching six - one gold, three silver and two bronze - placing it 12th overall.
But the consensus headline so far is "disappointed".