Australia won men's team pursuit with a time of 3:58.233, against 4:01.760 of Britain, on Monday at Athens Olympics, claiming their first Olympic gold medal in this event since 1984.
In the bronze medal race, Spain covered the 4km course in 4:05. 523, ahead of Germany, who clocked 4:07.193.
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Australia wins the gold medal of the men's team pursuit with a time of 3:58.233, at the Athens 2004 Olympic Games August 23, 2004.
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The top three placings were the same as the final positions for the World Championships in Melbourne, Australia, this May.
"We came up again with the gold medal race, so we had an unbelievable pressure upon us, but we did a good finish at last," said the 28-year-old Brad McGee, whose team set a new world record of 3:56.610 yesterday in the first round of the competition.
The win also gave McGee, competing at his third Olympic Games, his first ever Olympic gold medal after winning three bronze ones and one silver since his first Olympic debut in Atlanta 1996.
The Australia squad also included Graeme Brown, Brett Lancaster and Luke Roberts, whose coach Ian Mckenzie said when he took the job four years ago he wanted to win gold with Australia in the team pursuit.
"It's a relief and a big excitement at the same time. This is what I and the team have worked so hard for," said the Australian coach.
He was also showing his proud of the team. "I am in a luxury position, because we have got six cyclists who could have ridden in the final today," he said.
"The silver medal is OK, because we did the best that we could do. We have watched the Australian team many times and we tried to confront them," said Bradley Wiggins, winner of men's individual pursuit and new Olympic record holder at this Olympiad.
The other three teammates -- Steve Cummings, Paul Manning and Rob Hayles -- also expressed their satisfaction with the second place.
"I am very happy for the medal and I didn't expect the gold. The most important is we are on the podium and there isn't a big difference between the first and the second place," said Paul Manning.
Carlos Castano, Sergi Escobar, Asier Maeztu and Carlos Torrent had to battle for the bronze, especially in the third kilometer, where the lead changed on every lap before the Spaniards rode off to win.
"I am very happy with a third place or a bronze medal, we did our best and actually we have very good teams ahead of us. All I can say is that thanks to the team work, we were able to take a third place," said Sergi Escobar, aged 30.