AOC President Ian Chesterman acknowledged the great achievements of 2024, including Australia’s best-ever performance at an Olympic Games, widespread community and corporate activation in support of the Australian Olympic Team, growth and investment in the AOC’s community programs and a strong financial position for the AOC.

Being a Games year, where the organisation funded the cost of the Team to the tune of $26 million, the AOC recorded a planned deficit of the year of $10.1 million. This deficit was fully funded by retained surpluses of prior years, with the AOC carrying forward a retained surplus of $4 million.

"Paris 2024 marked an incredible chapter in Australia’s Olympic history, with our athletes delivering our most successful medal haul ever at an away Games – 53 medals, including a record-breaking 18 golds,” Mr Chesterman said.

"Our Australian Team, led superbly by Chef de Mission Anna Meares, captured the hearts and imagination of our nation – not only through outstanding sporting achievement, but also through the camaraderie and passion they displayed on the world stage.

"Behind every performance in Paris stood a network of tireless support – Member Sports, the Australian Sports Commission, the National Institute Network – all of whom share in the Team’s extraordinary success.

“I acknowledge and thank Minister Anika Wells and the Australian Government who contributed some $20 million to a pre-Games qualification fund and announced a record investment package in November to set Australian athletes up for future success.

“On the home front, Australia came together at live sites, in sporting clubs and loungerooms around the country to cheer on our athletes. The AOC’s broadcast partner the Nine Network did an extraordinary job to deliver world class coverage of every sport across their channels, with more than 19 million Australians watching the Games on Nine, with an average daily viewership of more than nine million.

“The AOC continued to share the Olympic Spirit through its community programs. Olympics Unleashed has taken Olympians into classrooms across the nation, sharing stories of goal setting, overcoming challenges and resilience with more than 450 000 students. We thank the New South Wales, Queensland, Western Australian, South Australian and Australian Capital Territory Governments for their ongoing support which is central to the success and breadth of Olympics Unleashed.

“The Australian Olympic Indigenous Coaching Scholarship completed its second iteration, with twelve Indigenous coaches across hockey, athletics and swimming graduating from the program, then delivering community coaching courses throughout Indigenous communities.

"With Brisbane 2032 fast approaching, our efforts to secure long-term impact and legacy for Olympic sports are well underway – and we remain committed to ensuring this opportunity lifts the entire sporting ecosystem.

"With outstanding results in both summer and winter sports, a strong commercial base and Brisbane 2032 on the horizon, the Australian Olympic Movement is strongly positioned for a vibrant future," Mr Chesterman concluded.

AOC CEO Matt Carroll acknowledged the financial results for 2024

“The AOC recorded a planned deficit for the year of $10.1 million as part of the funding of the Australian Olympic Team to Paris,” Mr Carroll said. “Managing this deficit was made possible through achieving strong sponsorship revenue of $75 million over the Quad, exhibiting a 15% increase on the equivalent 2020 cycle, and a 50% increase on the 2016 cycle.

“This level of revenue and growth highlights the significant corporate support that the Australian Olympic Team and the AOC generates, allowing us to invest in our Teams and community programs. Pleasingly, several of our Sponsor Family will continue their association through to 2026.

“We thank all our Partners and Official Suppliers, not only for their financial investment, but their support and engagement with the Australian Team, our community programs, Reconciliation Action Plan initiatives and sustainability. They have indeed been part of the “Team”.

“We thank the state and territory governments who provided donations totalling $2.8 million to the Team Appeal, and our Team Appeal Chairs and contributors, whose support and hard work directly supported athletes’ Olympic achievements in Paris.

“The Australian Olympic Foundation (AOF) continued to be a core contributor to the AOC’s operations providing long-term revenue certainty enabling the AOC to commit to direct investment over the Quad of $9.7m in athletes and sports. For this quadrennium, income distributions totalled $37.6 million, being a 10% increase in returns compared to the 2020 cycle. Our thanks to the Investment Advisory Committee for their ongoing commitment and expertise in their guidance of the AOF.

“The AOC’s long term commercial representation with SPORTFIVE concluded at the end of 2024. SPORTFIVE, and under previous ownerships since the 1990s, has been outstanding in their service to AOC and the Australian Olympic Movement. The Paris quadrennium, their last under this tenure, was the most successful in commercial outcomes and in the servicing of our 44 Partners and Official Suppliers. Our sincere thanks to Damien Moston and all the team at SPORTFIVE for their expertise, results and dedication to our commercial program over the decades.”

AOC 2024 Annual Report available here
AOC 2025 AGM Agenda available here

Election of Office Bearers 2025
The AOC’s 2025 AGM will include the election of Office Bearers, being the President and two Vice Presidents, as well as seven other elected members of the AOC Executive.

Full details on nominations for positions and details on the election are included in the Agenda.

Several awards and honours will be presented at the AGM on 3 May:

Order of Merit
The AOC will formally award its highest honour, the Order of Merit, to outgoing CEO Matt Carroll AM for his outstanding contribution to the Olympic Movement in Australia.

Award to the AOC Honorary Life President
On 1 January 2025 John Coates AC became the Australian Olympic Committee Honorary Life President. Mr Coates’ immense contribution to the Olympic Movement will be recognised at the AGM.

Life Membership
The Executive has conferred life membership of the AOC on Russell Withers, who served on the AOC Executive from 2001 – 2015, in recognition of his outstanding service to the Olympic Movement and sport. 

Harry Gordon Memorial Award
The Harry Gordon Memorial Award celebrates excellence in reporting of an Olympic Games.

Earlier today, Tom Decent of Nine Newspapers was announced as the winner for his coverage of the Paris 2024 Games.