Each individual ring does not stand for a specific continent. They represent the "five" continents. One assumes that North and South America are considered a single continent and Antarctica is excluded. It wasn't until the 1912 Games that atheletes came from all 5 continents. On the Olympic Flag, the rings are represented in 5 different colors on a white background. The six colors of the rings and background represent ALL countries and therefore are not specific to an individual continent. I would say that Australia IS represented in the emblem
Please refer to this document describing the Olympic symbols: http://multimedia.olympic.org/pdf/en_report_1303.pdf
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1) North America and South America are combined into one continent.
2) There are no indigenous people from Antarctica. There are no countries in Antarctica and no athlete competes under the flag of Antarctica or a country located on Antarctica.
The olympic rings are made up of 6 colors (the 5 rings and the white background) which, at the time of their creation, every country competing at the Olympics (1912) had one of those colors in their flag.
Australia is hence covered as our flag is White, Blue and Red, all of which appear on the olympic flag.
Because the Antarctic "doesn't" compete in the Olympics, & neither does Australia. Each ring represents 1 continent that participates in the Olimpics