Australia's Olympic team, including gold medallists Jessica Fox, Kaylee McKeown and Ariarne Titmus, arrived back in Sydney on Wednesday to a rapturous welcome from friends, family and Prime Minister Anthony Albanese.

Australia finished fourth on the Paris medals table ahead of long-time sporting rival Britain and hosts France after winning 18 golds, including four in one day last week.

Australia's previous best came at the last Olympics in Tokyo and in Athens 2004 when the team won 17 gold medals.

Australian athletes also claimed 19 silver and 16 bronze medals to deliver their best performance at an overseas Games.

Hundreds gathered at the hangar in Sydney airport to cheer as the athletes, medals hanging about their necks, came down the steps of the Qantas jet which had brought them home.

"You know it's pretty cool being welcomed home," said swimmer McKeown, who won two golds in Paris.

"It's better than just getting off a plane and going straight to your car. It's so nice to see all the support for us Aussies and the success that we have had."

Gold medal-winning sailor Matt Wearn, who successfully defended his men's dinghy title in Paris, was first off the plane and was greeted at the bottom of the steps by Albanese.

"We want you to know that what you have done is inspire us, is give us joy, give us excitement, and lifted up our whole nation due to your performance," Albanese said.

When Australia broke its gold medal record last week the news was splashed across the front pages of the papers and trumpeted across TV networks in the sports-mad nation.

Australians will be hoping for even greater success in 2032 when Brisbane hosts the Olympics. Australia won 16 golds in Sydney and 13 in Melbourne when the country previously hosted the Summer Games in 2000 and 1956.