Australia's most successful Olympic team ever will be welcomed home by Prime Minister John Howard and Opposition Leader Mark Latham.

Qantas announced an official morning tea for the team, who bagged a record 17 gold medals during the two-week competition.

The Australian flag bearer in the closing ceremony, swimmer Petria Thomas, was the unofficial queen of the Games with three golds and a silver.

Thomas' medal haul made her the second-most successful athlete behind US swimming sensation Michael Phelps, who collected six gold and two bronze.

A Qantas charter jet carrying the Athens squad will arrive shortly after 7am (AEST) Wednesday at Sydney's Qantas Jetbase.

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