At this time (August 5) that information has not been made public. An article hit the airwaves three days ago stating that rower James Tompkins had been selected as flag bearer. The Australian Olympic Committee denied those reports and said, through their media director, "(AOC president) John Coates chooses the flag-bearer and he keeps it to himself until the day of the team reception (on Thursday)".
Dawn Fraser?
Mathias Raymond
James Tomkins was the olympic flag bearer for Australia
The 1960 Olympic games
Lauren Jackson (opening) Malcolm Page (closing)
Mark Foster (Swimming)
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Rower Mahe Drysdale.
Christian Olsson, the triple jumper.
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2012 Olympics-->Christine Sinclair 2008 Olympics-->Adam Van Koeverden
Mariel Zagunis, an American fencer, carried the American flag at the 2012 London Opening Ceremony.