http://www.crikey.com.au/Media-Arts-and-Sports/20080808-40-million-its-how-much-each-gold-medal-costs-us.htmlLet's work off Dr Connor's more conservative estimate. Which was just before the Games, so there was bound to be less hype involved
In the last 20 years (including the LA Games) Australia has won 70 gold medals in the summer olympics. At $40million per medal that makes $2.8 billion dollars.
Australia has sent 2774 athletes to Olympic summer games in the same period. That's just over $1 million per athlete. I wonder what the ratio of athletes who make it to the games compares to those who don't. 1:1? That would be an average of $500,000 spent per athlete. 1:3? That's $250,000 per athlete. 1:9? That would be $100,000 spent per athlete, whether or not they make it to the Olympics and whether or not they win gold, or any other medal. Those figures don't look quite so sensationalist.
Not really sure where I'm going with this, but the words "Lies, damned lies and ..." spring to mind.