Australia have broken the men’s team pursuit world record on day two of the Olympic track cycling program.

The combination of Olympic medallists Sam Welsford, Kelland O’Brien, plus Games debutants Conor Leahy and Oliver Bleddyn, clocked four minutes 40.730 seconds.

The men easily beat reigning Games champions Italy in their round-one heat.

That sets up a gold-medal ride on Wednesday (Paris time) against Great Britain, Australia’s long-time fierce rivals in the event.

The previous world record was 3:42.032, set by Italy at the Tokyo Olympics.

Also on Tuesday, Australia won bronze in the men’s team sprint, beating France in their ride-off.

The combination of Leigh Hoffman, Matthew Richardson and Matthew Glaetzer rode 41.597 seconds to beat France’s 41.993 in front of the raucous and parochial home crowd at the Saint-Quentin-en-Yvelines velodrome outside Paris.

Had they posted that time earlier on Tuesday in the first round, Australia would have ridden off against the Netherlands for the gold medal.

But Australia only managed 42.336, while the Dutch broke their own record.

The Dutch reduced the world mark again as they beat Great Britain in the final, clocking 40.979 to 41.814. They are the first team to go sub-41.

While it is Australia’s first Olympic medal in the event since bronze at the Sydney Games, they made no secret of their gold medal aspirations.

Bronze medal winners Matthew Glaetzer, Leigh Hoffman and Matthew Richardson. Photo: Getty

Australia had upset the powerful Dutch to win the 2022 world title and were narrowly runners-up to them at last year’s worlds.

Australia had qualified fastest in the men’s team pursuit on Monday, but it was unclear which teams were riding to schedules and saving their best for the first round.

The Australians beat Italy by more than two seconds – a whopping margin.

Australia last won the men’s team pursuit gold medal at the 2004 Athens Olympics and finished runner-ups to the British at the ’12 and ’16 Olympics.

They won bronze in Tokyo — Australia’s only medal on the track at those Olympics — after Alex Porter face-planted in qualifying when his handlebar snapped off.

Also on Tuesday, Australia was sixth-fastest in women’s team pursuit qualifying.

Boomers blow big lead

The Boomers’ campaign has ended in disaster after the Aussie basketball side blew a 24-point lead to lose against Serbia in the quarter-final.

Serbia came from behind to beat Australia 95-90 and line up a likely semi-final against the United States.

Coach Brian Goorjian said it was the best basketball he’d seen from an Australian side in any of his four Olympic campaigns.

“But when it came to the nut-crunching time, turnovers were our issue in the whole tournament,” he said.

Patty Mills, who steered the Boomers to a breakthrough Tokyo bronze three years ago, said the team had “enjoyed every moment of this journey”.

“It hasn’t been a smooth-sailing ship, but you do it together and you never take those moments for granted.

“But through the thick and thin and ups and downs, happy tears, sad tears, it’s been an incredible journey to be able to share with those guys.”

Patty Mills handles the ball in the men’s quarterfinal match. Photo: Getty

Josh Giddey was brilliant at times in Australia’s overtime loss, scoring 25 points to go with five rebounds and four assists.

But the 21-year-old point guard was left to rue seven turnovers, Australia’s 20 in total costing them as the world’s No.2 side recovered to set up a likely semi-final date with United States.

Giddey had hit a triple to put Australia up by three in overtime, but those were the last points the Boomers’ scored.

Reigning NBA MVP Nikola Jokic had the final say, swatting away a Giddey drive and scoring four straight points, while Giddey’s intercepted inbound pass sealed the result.

“We had everything we needed in this locker room to win a tournament like this and I still believe that,” Giddey said.

“It comes down to one or two possessions and shows how little room for error there is.

“A big lead … I don’t think we weathered the storm. A lot of what-ifs.

“The reality is it’s over. But it’s a tough pill to swallow knowing we have to wait four years til the next one.”

Mills (26 points) was the spark-plug for their early advantage, scoring 16 points in less than four minutes with an array of mid-range jumpers, triples and drives to the rim.

He then returned to make a tough shot to force overtime, Mills famously leading the Boomers to Tokyo bronze again proving he grows in stature while wearing green and gold.

“He deserved better; he deserved for us to help him get that ultimate goal of gold,” Giddey said of the man who’ll turn 36 on Sunday.

“Whether it’s his last or not, he’s poured so much into this program.

“Talk about ‘FIBA Patty’, one of the greatest to ever do it in these tournaments. We’re very, very lucky to play with him.”

Mills, and coach Brian Goorjian, who will also finish as Australia coach, effectively handed the key to Giddey post-game.