Surrounded by her family and a small army of media, World record holder and Olympic champion Susie O'Neill announced her retirement from international competition in Sydney on Wednesday, leaving the Australian national team without its star female performer.

Susie's announcement follows Kieren Perkins' recent retirement announcement an entry to the real world of commerce and sports administration. Kieren has been appointed to the board of the Australian Sports Commission, the government policy and funding arm.

O'Neill who was elected to the International Olympic Committee by her peers at the Sydney Games, will fly to Lausanne for the next IOC meeting on December 8, following a surfing holiday in Bali.

Both athletes have unblemished records in the sport of swimming both in and outside the pool. They are seen as great role models and will contribute just as much if not more in their new positions.

Now financially secure both dual Olympic gold medallists will also be keen to test the waters of commercial board rooms and will not be wanting in invitations from the captains of commerce and industry.

Susie and ophthalmologist husband, Dr Cliff Fairlie, will settle into their apartment overlooking the Brisbane river, although Susie did threatened to make the occasional appearance at training and will perhaps swim the odd 50m butterfly for fun.