Australia broke a world record, ended one drought and are on the verge of consigning another to history in Olympic track cycling.

With Australian cycling great and team chef de mission Anna Meares watching, Olympic medallists Sam Welsford and Kelland O’Brien combined with debutants Conor Leahy and Oliver Bleddyn to make a massive statement on Tuesday night in the men’s team pursuit.

After qualifying fastest on Monday, they easily beat Tokyo gold medallists Italy in their first-round heat and broke the Italians’ world record, clocking four minutes 40.730 seconds at the Saint-Quentin-en-Yvelines velodrome outside Paris.

That sets up a gold medal ride-off with their fierce rivals Great Britain, who beat Australia for the Olympic title in London and Rio.

Australia are one win away from winning the men’s team pursuit Olympic gold for the first time since the 2004 Athens Games.

Also on Tuesday night, Australia won bronze in the men’s team sprint – the first time they have been on the podium in the event since bronze at Sydney 2000, when the event made its Olympic debut.

Leigh Hoffman, Matt Richardson and Matt Glaetzer wanted to ride off against the all-conquering Dutch for the gold medal, but bronze was rich consolation after a succession of narrow misses in the event at the Olympics.

Welsford, who rode in Rio, is well aware of the significance of Wednesday’s team pursuit final.

“To take on the Brits again, for me, it’s that redemption from the 2016 Olympics. It’s a really nice opportunity,” he said.

“It’s going to be a big ride tomorrow.”

It is the first time Australia have held men’s the team pursuit world record in five years and O’Brien said they can go faster, with the record likely to topple again in the final.

“The plan was just to get the job done, really. Ultimately the goal is to win on the third … the world record is a massive bonus for us,” he said.

The Australian team sprinters recovered from a poor round-one heat ride earlier on Tuesday night that cost them a shot at gold, switching all three riders positions and riding a time that was faster than the silver-medal winning British trio.

The Dutch broke their own world record in the final, becoming the first team to go under 41 seconds with their 40.949.

Britain clocked 41.814 and Australia silenced the parochial home crowd with 41.597 to easily beat France in their medal ride-off.

It is Glaetzer’s first medal at his fourth Olympics.

“It was elation – I was so pumped when I saw that ‘three’ … on the scoreboard,” Glaetzer said.

“It’s very special to finally win an Olympic medal. We were definitely aiming for better – we felt like we could have been in the gold (ride-off).”

The bronze and the guarantee of a podium in the men’s team pursuit also means Australia has gone better already than the disastrous Tokyo track campaign.

That was most notable for Alex Porter’s snapped handlebar in men’s team pursuit qualifying. They recovered to win bronze, the only track medal at the last Olympics.

Also on Tuesday, Australia set a national record in qualifying sixth-fastest for the women’s team pursuit.

The women’s team sprint also featured a world record on Monday and this velodrome is living up to its reputation as a fast track.

“It’s probably the complete opposite of the Olympic pool,” O’Brien said.

The British, led by Ethan Hayter, are undoubtedly plotting an team pursuit final ambush. It was notable that while the Australians spoke to the media after their world record, the British riders were ushered past the mixed zone without a word.

“It’s classic Aussie-British, isn’t it? It’s really exciting,” said British sprint icon Jason Kenny, now one of their coaches.

“I don’t what the Aussies were expecting, but we were surprised by what they did here.”