Rio Olympic organisers make progress: AOC

Rio Olympic Games organisers don't have a millisecond to waste but have made incredible progress since being stung by criticism last year, Australia's chef de mission says.

Australian Olympic Committee (AOC) president John Coates, also an International Olympic Committee vice-president, slammed preparations as the "worst ever" last April, warning the situation was critical.

But AOC chef de mission Kitty Chiller on Tuesday, some 500 days until the Rio Games, said organisers had made much progress in the past nine months.

"The comments, which were warranted at the time, certainly put people into action," Chiller told AAP.

"There would be relief from the IOC point of view now ... the progress of Olympic Park has been incredible."

But Chiller said organisers had no time to waste.

"They have made a huge amount of progress in the last six to nine months," she said.

"They can be very pleased with the progress that they have made but, on the other hand, they can't relax for a millisecond.

"There are 21 test events that are happening this year and that is a huge ask in itself, let alone preparing for Rio (Olympics).

"It's preparing and running those test events, they start in July, that is going to be a really good indication for the organising committee, and also us as a national federation, as to how they really are going."

The AOC was tracking to meet a sponsorship target of $40 million for the Rio Games and winter and youth Olympics, Chiller said.

Australia's Rio Olympics budget was $32m - $12m for preparations and $20m to send the team, expected to number about 470 athletes across 40 disciplines.

Chiller said the team would be set an aspirational goal of a top-five finish on the medal table.

"We're not shying away from that top-five target," she said.

"It's not going to be easy ... but absolutely, it's realistic."

At the 2012 London Olympics, Australia finished seventh on the overall medal table and was ranked 10th by gold medal tallies.