Dan Noonan, James Mcrae, Chris Morgan and Karsten Forsterling took bronze in the men's quad sculls, before Kim Crow and Brooke Pratley claimed silver in the women's double sculls.
The men's quad sculls race was won by Germany, which completed the two-kilometre course in five minutes 42.48 seconds ahead of Croatia (5:44.78) and the Aussies (5:45.22) seconds.
It was a great result for the crew given that Noonan missed a lot of time out of the boat in the lead-up to London with a rib injury.
The Germans controlled the race from the start and Croatia and the Australians were left to battle for the minor medals.
The Australian crew mounted a challenge for silver passing the halfway mark but the Croats responded and held off the challenge.
Noonan says the team is thrilled with the result but the future of the crew remains uncertain.
"Three of us raced in 2008; we were tipped for a medal and then we came fourth, so we're very happy just to be medallists," he said.
"A couple of us will probably retire - who knows?
"We might get bored and be back in a boat within a month."
The controversy surrounding men's eight rower Josh Booth was not lost on Mcrae when asked how the team would celebrate.
"We're going to go out have a few drinks and hope we don't get sent home," he quipped.
Crow and Pratley, meanwhile, were brave in defeat behind the British crew of Anna Watkins and Katherine Grainger.
The Aussie pair were within a boat-length of the leaders passing the halfway point but could make no impression.
"I'm very proud. We did our best," Pratley said.
"We couldn't go any harder. The British girls did a great job.
"It has not sunk in yet, I'm still spinning."
The first two crews cleared right away from the rest of the field, headed by Poland in third.
Crow, who is in the final of the single sculls on Day Eight, paid tribute to the British crew.
"It's hard to think too much ahead as today is special and has been for many seasons," she said.
"That was fantastic. An amazing race. Those girls were phenomenal. That's the classiest race I've ever been part of."
Grainger was in the first British women's crew to win an Olympic medal when she won silver in a quad in Sydney, but the silvers she won in Athens and Beijing meant the local fans were rooting for the 36-year-old to win.
In the men's pairs final, the dominant New Zealand duo of Eric Murray and Hamish Bond streeted the field.
France finished more than four seconds adrift, while Great Britain grabbed the bronze medal position.
Australia's James Marburg and Brodie Buckland finished almost 10 seconds behind the winners in fifth.
Murray and Bond have looked untouchable all season, regularly winning races by huge margins to make up for their disappointing performance at the Beijing Games where they missed the final as part of a four-man crew.
And completing a golden day for the Kiwis was Mahe Drysdale's win in the men's single sculls.
Drysdale slowly moved through his fierce rival Ondrej Synek from the Czech Republic in a thrilling side-by-side race that was only settled in the final 200 metres.
Synek again took the silver in London and Britain's Alan Campbell the bronze.
The win cements Drysdale's position as one of the sport's most successful scullers and gains redemption for his bitter loss in Beijing, where he was hit by a virus and dehydration.
"I've been working for this for 12 years," Drysdale said.
"I'll remember it for the rest of my life."