OVERWHELMING emotions swept through both Australian hockey camps at the Athens Olympics.

The experts on Games disappointment - the Kookaburras - were finally laughing after ending 48 years of waiting by winning a maiden men's gold medal.

That only seemed to compound the Hockeyroos' gut-wrenching disappointment after missing the women's podium altogether.

Fast forward four years and there are eerie similarities - on paper at least.

The Kookaburras are flying in the lead-up to Beijing, having already reclaimed the world No.1 ranking following a record-equalling ninth Champions Trophy title in Holland.

But the once-mighty Hockeyroos placed fifth at their Champions Trophy tournament.

And there are other worrying signs.

The Australian women's team could not even win their Oceania Olympic qualifying tournament in the countdown to Beijing.

The three-time Olympic gold medallists squeezed into the Games as the second-ranked Oceania team behind New Zealand.

But a defiant Hockeyroos coach Frank Murray is not reaching for the panic button despite having no fewer than 10 Olympic rookies in his 16-strong team.

"Firstly, that [Champions Trophy result] needs to be kept in perspective," he said.

"There were only two teams with their foot on the floor - Argentina and Germany.

"No one else was there to win the tournament; of course you want to try each game but you are not using the same set plays or structures that you will use at the Olympics.

"The good thing that came out of that was that our girls were confident that they could match it against the top teams."

The Hockeyroos' nucleus will be their squad's only remaining gold medallists - Melanie Wells (nee Twitt), Rachel Imison and Nikki Hudson.

"It will be crucial what we get out of our experienced players," Murray said.

"If our senior players aren't playing at the top of their ability then that will be an issue for us."

The Hockeyroos will be again wary of defending champions Germany, and perennial threats Holland and Argentina, while Japan and China loom as dark horses.

Meanwhile, the Kookaburras carried a monkey on their back for 48 years.

After finally claiming that elusive gold medal, the Australian men's team is now watching their back.

The man who sank the gold medal-winning extra-time goal against the Dutch in 2004 - Jamie Dwyer - admits the hunters have now become the hunted.

"Especially now that we have won the Champions Trophy and played pretty well doing it," said the two-time international player of the year.

"Teams will look at us more than others and maybe even try and copy our style.

"We've just got to go out and do our best. We know every team that we come across is going to be lifting."

Australia thrashed Spain 4-1 in the Champions Trophy final last month, ensuring bookmakers tightened the defending Olympic champions to $3.54 second favourites behind Germany ($2.85) to win at Beijing.

"The team has shown steady signs of improvement throughout the last six months and deserve whatever praise comes their way," Kookaburras coach Barry Dancer said.

"But this [world No.1] ranking will do little to alter their focus on the task at hand of winning another Olympic gold medal."

Two-time champions Germany and Holland will again loom as Australia's main threat, with Spain and Korea the dark horses.