The prevailing thought around Australia’s efforts at the Olympic Games is that we do better than expected.

Or, as the Australian Olympic Committee (AOC) put it, “achieving resounding success against the odds”.

The thought exists despite a disappointing London 2012 campaign and lacklustre swimming results in Rio.

But a Goldman Sachs study that looked at the relationship between the economic stature of countries and their performance at the Olympics should give us second thoughts on how we actually perform at the Games.

The research presents a bleak picture, with Australia stunningly ranked as the second-worst nation in the world.

Only Greece is ranked lower, a verdict that left five-time Olympic cyclist Shane Kelly “shocked”.

Researchers Francesco Garzarelli and Lorenzo Incoronato said that Australia, Greece and fellow strugglers Venezuela “have a poor sporting performance in relation to what economic indicators say they could achieve”.

How was the study done?

The study started by tallying the number of Olympic Games medals won by countries from 1980 to 2012.

Performance was then measured by population, income per capita and how ‘efficiently run’ they are.

Goldman Sachs say they measured efficiency “via a series of economic, political and institutional traits captured by our proprietary Growth Environment Scores (GES)”.

“We also account for a ‘host country’ effect,” they added.

Australia hosted the Olympic Games in 2000 – and Greece held the next edition in 2004.

Also in the bottom five were Israel and Chile.

But not all countries who have held the Games were ranked poorly, with 2008 host China ranked the third-best nation, behind only the United States and Russia.

Russia are ranked highly. Photo: Getty

“As can be seen, among all countries taking part in the Olympics, US, China and Russia appear to be punching above their weight, especially over the past four editions of the Games,” Mr Garzarelli and Mr Incoronato wrote.

Japan, France, Great Britain, Korea Republic, Germany, Italy and Ukraine were also commended for their above-average performance.

The reaction

Shane Kelly knows just how hard it is to get to an Olympic Games – and win medals.

The cycling legend told The New Daily that he was extremely surprised by the results.

“I’m a little bit shocked, to tell you the truth,” said Kelly, who is an ambassador for charity cycling event ‘Ride With Me For Mental Health’.

“I certainly wouldn’t have thought that Australia are second worst.”

Shane Kelly was given an Order of Australia in 2004. Photo: Getty

Kelly added that, given Australia’s population, the Goldman Sachs study is unfair.

“For a country of 20-odd million people, I think Australia has certainly had some brilliant results at the Olympics,” he said.

“We’ve regularly been fifth and sixth in the medal tally and punched above our weight. So I wouldn’t agree with that.

“I’m very surprised by those findings.”

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‘Ride With Me For Mental Health’ is a two-day cycling event across Victoria in October that will see riders cover 332km to raise awareness and much-needed funds for youth-focused mental health organisation, Love Me Love You.