If the Beijing Olympics has proven one thing it's that miracles do happen. Michael Phelps and Usain Bolt may have rewritten the record books by achieving what many thought impossible, but perhaps the most astonishing victory of all has been achieved by Gerry Sutcliffe, the British Sports Minister.

At the start of the Olympics, Sutcliffe made a bet with Kate Ellis, his Australian counterpart, about which country would get the most medals at the Games. The pair agreed that the minister of the country that finished lower in the Olympic medal table would have to wear its rival’s national colours at the next big sporting event between the two countries.

The bet dragged Anglo-Australian hostilities back into the sporting limelight as both nations indulged in a spate of sledging that reopened old wounds and led to a string of gibes. But it now appears that Australia may finally have conceded defeat.

Frances Adamson, Australia's Acting High Commissioner speaking on behalf of Ellis, has congratulated Team GB for their "amazing performance".

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"Well at this stage I think we'd like to congratulate Britain's wonderful athletes for an amazing performance," Adamson said. "I think in gold medals you're probably uncatchable at this stage. In terms of the overall medal count, we may still have some hope."

Over the last two decades the Australians have set standards for sporting success that Britain have openly envied. When GB won one gold in Atlanta, the Australians won nine. In Sydney it was 16-11 – which was pretty good for GB – and in Athens 17-9.Indeed the last time Britain won more Olympic gold medals than Australia, Margaret Thatcher was Prime Minister and Rebecca Adlington wasn't even born.

However, despite leading the Australians by 18 golds to 11, Sutcliffe was wary of claiming a premature victory.

"We've got a couple more days to go so I'm not counting my chickens yet," he said. "But it has been a fantastic experience for our athletes their dedication has got us to where we are. It's fantastic.

The sporting spat plunged to new and increasingly comic depths last week when the most senior Australian Olympic official accused British athletes of bad personal hygiene. John Coates, an Australian member of the IOC, said: "Your performance is not bad for a nation with few swimming pools and not very much soap"."

When questioned on Coates' comment, Adamson said: "I am not really sure what John had in mind when he said that.

"But what I do know is that just a couple of days ago he said that he was pretty confident that Team GB would finish ahead of Australia on gold and if he was quoted accurately, he said - 'whether you get there in the overall medals, we'll you should' - which pretty probably square it up."

However, Sutcliffe responded by saying, "Well that was slightly different to where Kate Ellis was.

"She was quite bullish about what was going to happen, they were very indignant that we would get anywhere near the Australians - but not only have we got near, we've beaten them.

"When I took on the bet on many in the media said that would never happen. But the serious point here is that the investment has gone in, we have got a team that was well prepared and through their dedication we have achieved results."

Adamson was quick to point out that Ellis was happy to honour the forfeit insisting "Australians never welsh on bets".

"No it doesn't stick in the graw," she said." I know Kate Ellis is planning to ring Gerry Sutcliffe and give her own congratulations."