Australian sports fans expecting a river of gold in Beijing were Tuesday warned to brace for a disappointing haul of Olympic medals.

"We said 42 to 48 medals. I think it's going to be between 40 and 42," Australian Olympic Committee president John Coates said.

"We didn't know coming into these games how much China, in particular, was going to take from the top six or seven nations, and it's clear they've taken medals from us."

Coates flagged the possibility that Britain would overtake Australia in the medal tally. "We may not be top five in the gold, I think we will be top five in the overall," he said.

The cyclists, who picked up six gold medals in Athens, have yet to take top honours in Beijing.

"We knew and identified coming into these Games that they were not performing as well," he said. "It was clear there wouldn't be a repeat."