Australia led from start to finish to win the gold medal in the men's kayak four with a controlled performance.
The team of David Smith, Tate Smith, Murray Stewart and Jacob Clear add the victory to the silver they won in the world championships.
Hungary took silver, 0.61 seconds behind the winners, with the Czech Republic's late sprint securing bronze.
The expected challenge of world champions Germany never materialised as they fell off the pace at halfway.
The gold medal triumph compensates for the disappointment at the 2008 Beijing Olympics, where Australia were eliminated at the semi-final stage.
Hungary, who claimed silver, were back in the medals after a blank four years ago that followed back-to-back golds in 2000 and 2004.
The Czech Republic team built on their back-to-back World Cup wins to claim bronze with a superb sprint in the final 250m holding off the German boat.