Australia's 422 athletes amassed 29 medals in Rio, their lowest total since the 1992 Olympics in Barcelona, with Meares claiming bronze in the keirin after failing to add a third gold to those she won in Athens in 2004 and London four years ago.
"For some, we came home with personal bests and for some, we fell agonisingly short. But for all who arrived in Rio, we reached to achieve something great," said Meares, Australian team captain and flag-bearer in Rio.
The ceremony ended with a performance by a Japanese drumming group to set the tone for the 2020 Tokyo Olympics.
(Reporting by Jill Gralow; Editing by Patrick Johnston/John O'Brien)
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