Australia has edged out Poland for a bronze medal in the women's K4 500 metres event at the Beijing Olympics.

The team of Lisa Oldenhof, Hannah Davis, Chantal Meek and Lyndsie Fogarty (all AIS scholarship holders) finished only 0.48 seconds in front of the fast-finishing Poles.

Germany continued its dominance in the event, winning in a time of 1.32.31, with silver going to the crew from Hungary.

Meek said the team was not sure if they has sneaked home for bronze but a thumbs-up from the shoreline confirmed their achievement.

‘We didn't know where we were to be honest, we really have been working on the last 150 metres of our race,’ Meek said.

'So many times we've been in close finishes and we have been in fourth, fifth or sixth and we just didn't want that to happen again."

'We've worked so hard over the last two years, we really have put everything into it.'

AIS Director Professor Peter Fricker said the Australians could be proud of their achievements.

'This bronze medal is a real testament to the girl’s personal commitment to their sport and the training program here at the AIS,’ Professor Fricker said.

The Australian Institute of Sport was established in 1981, and has consistently contributed to Australia’s outstanding sporting performance on the world stage.

The Australian Olympic team in Beijing consists of 435 athletes. Of these, there are 264 current or former AIS athletes.

The Australian Sports Commission (ASC), on behalf of the Australian Government, invests in and supports our Olympians and Paralympians in many ways.

In addition to the $18.1 million the ASC provided to the AIS in 2007/08, the ASC also funded the athletes’ sports to the tune of $53.4 million in 2007/08.

Furthermore, the ASC provided direct funding totalling $4.3 million to more than 400 athletes in 2007/08 — vital support for athletes in their preparation for sporting success. This represents a total Australian government investment of $75.8 million in 2007/08 for our Olympians and Paralympians. The ASC is committed to providing all Australians with the best opportunity possible to participate in sport.