AOC President John Coates and Cadbury managing director Mark Callaghan signed the deal which sees the confectionary company link up again with Australia's Olympic team after a nine-year absence.

Cadbury was an Australian team sponsor for the 1996 Atlanta Games and they were official sponsors of the 2000 Sydney Olympics.

Coates said: “It is a delight for us to have Cadbury back on board as an Olympic sponsor.

“I know I speak on behalf of all the athletes in saying how much we appreciate Cadbury’s generous support in the build up to Vancouver and London."

Last year Cadbury signed up as a tier two sponsor of London 2012 in a £20 million deal.

Callaghan said: “The Olympics Games are, without question, the world’s greatest event, and we are delighted that our sponsorship will contribute towards helping our Australian athletes achieve their dreams and hopefully deliver the most successful Olympic campaigns Australia has ever seen."

The world's top aerial skier Lydia Lassila and the silver medal winning rowing four from Beijing 2008 - James Marburg, Matt Ryan, Cameron McKenzie-McHarg and Francis Hegarty were all present at the sponsorship announcement in Sydney.

The AOC through the backing of its sponsors is spending A$30 million (£14.8 million) to send the team to London in 2012.

The AOC has set a target of A$36 million (£17.8 million) in sponsorship for the 2009-2012 period which includes the Summer and Winter Games and the Youth Olympic Games (YOG) in Singapore next year.

Prior to today’s Cadbury announcement the AOC through its marketing arm Sports Marketing and Management (SMAM) had already secured over A$29 million (£14.3 million) in sponsorship for the different teams.

Coates said: “These are very tough times for all Australians and we are very fortunate in this climate to be so far advanced in raising the necessary sponsorship dollars to prepare and send our Olympic athletes to the Games."

The AOC has set an ambitious target of 55 medals at the London Games.

The Australian team won 46 medals in Beijing, 14 gold, 15 silver and 17 bronze and finished fifth on the overall medal tally, a place behind Britain.