The Australians blitzed the field, leading from the start but faced a tough fight from the Netherlands in the final 500 metres.

Stephan led the response and helped her crew cross the line in an Olympic-best time of 6:15:37, 0.34 seconds ahead of the Dutch.

Ireland rounded out the minor placings.

Watch the nail-biting finish to the race here.

It is Stephan's first Olympics medal and completes the set for the 29-year-old, who already has a world championship gold medal and multiple national titles to her name.

St Patrick's College export James Marburg was the last Ballarat rower to win an Olympic medal, capturing silver in the men's four in Beijing in 2008.

Stephan, who hails from Nhill, attended Ballarat Grammar as a boarder and took up rowing in her final years at the school, winning the Head of the Lake in 2009.

After leaving Ballarat Grammar, the superstar moved to Sydney, via Melbourne, to train with the nation's best.

Stephan made her Olympic debut at Rio in 2016 member of the Australian women's eight who initially missed qualification but received a late call up following Russia's disqualification amid the country's state-sponsored doping program.

The crew had disbanded months earlier but reconvened and travelled to the Games at the last minute, borrowing a shell. The finished last in their heat and last in the repechage and were eliminated.

After the 2016 Games, Stephan was selected in Australia's coxless four. In 2017 didn't lose a race in the international season, winning gold at the World Rowing Championship and the World Rowing Cups II & III.

In 2018, won gold at World Rowing Cups II and III, and silver at the world championships.

Stephan had a remarkable 2019, winning the world rowing championships and putting together a campaign that saw her crowned Victoria's Female Athlete of the Year.

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