There's nothing uniquely Australian about the usage (as far as I know), but several times during the Olympic coverage I've heard "medal" used as a verb. "The Americans are going to medal in this race". I was expecting some sort of interference to occur.

Is this horrible development a recent one? What's next?

Venus Williams cups at Wimbledon? (Now there's a novel thought!)
Tiger Woods trophies again? (Whilst the rest of the field atrophies?)