The transnational rivalry between Australia and Great Britain has commenced ahead of the 2012 Olympics and Paralympics with Minister for Sport, Kate Lundy, and UK Minister for Sport and Olympics, Hugh Robertson, wagering a high stakes bet on the outcome of the gold medal tally at the London Games starting in July this year.

According to the terms of the bet announced today, the Sport Minister from the nation with the lowest gold medal count will have to don the team colours of their rival and fulfil the sporting challenge set for them.

If the Australians triumph in the gold medal tally, Minister Robertson will have to jog around Australia House in London in the green and gold hockey jersey. But if the British are victorious, Minister Lundy will have to wear Great Britain’s colours and complete the Olympic rowing course.

“There has long been a friendly, but competitive, sporting rivalry between Australia and Great Britain,” Senator Lundy said.

“As Sport Ministers we’re keen to be good sports and continue the tradition of having a friendly Olympic wager. Only this year we’re raising the stakes with a very public challenge.

“In Australia we take our sport very seriously and I wouldn’t be making such a high stakes wager if I wasn’t right behind our Aussie team. I am hopeful they can pull off something special at the Games in London.”

The terms of the wager were agreed at the National Sporting Museum Olympic Exhibition at the Melbourne Cricket Ground (MCG) – the venue of the 1956 Olympics and the Ashes Cricket tests.

“It’s fitting we were able to make this bet at the MCG as it has staged some of the most iconic sporting battles between our two nations,” Senator Lundy said.

“I am expecting some great head to head contests with Great Britain in rowing, sailing and cycling and I know people around the country will be cheering on the Aussies come the Olympics.

“The Games will bring together the best athletes from all cultures around the world to compete under the Olympic and Paralympic spirit of fair play and respect for others.

“I am confident the sporting performances in London will inspire Australians to participate in sport so they can experience the values of inclusion, fair play and sportsmanship that are a key element of the Olympic and Paralympic games.”

In the past twelve months the Australian Government has allocated almost $4.5 million in additional funding to assist Olympic and Paralympic athletes prepare for the London Games. This is on top of $170 million in 2011-12 to assist high performance sport in Australia.

“We are committed to seeing our best sportspeople given the necessary targeted support to deliver in London and continue our proud success in Olympic and Paralympic sport,” Senator Lundy said.

“Olympic sport inspires people to get involved in sports at a grassroots level – driving increased participation in community sport.”

The Australian Government is delivering record levels of funding for sport and is a strong supporter of both high performance athletes and increasing participation at a community level.

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