I would start with James Magnussen. Like Ryan Lochte, they both may have over promised but Ryan Lochte won more gold medals than Australia.
From Yahoo Sports:
LONDON (AP) -- Swimming Australia will not ignore its Olympic debacle in the pool. The once-proud federation announced an independent review Monday of the team's performance at the Olympics - the first time Australia has failed to win an individual gold in the pool since the 1976 Montreal Games
The review will be conducted by Bill Sweetenham, one of Australia's most experienced coaches, and two-time Olympic gold medalist Susie O'Neill.
At the bottom end of the article it mentions other nations that Australia that "whacked" by the United States besides Australia,
But are the Australians harder on themselves than Associated Press?
From ABC Radio Australia:
"... Sprinter James Magnussen, the world champion for 100m freestyle, bore the brunt of the criticism after boasting before the Games that he would win two golds.
But Magnussen had to settle for silver when he was beaten by American Nathan Adrian, by just 0.01 seconds, in the final.
The Australian 4x100 freestyle team, which also bragged it would win gold, missed out on the medals altogether when it finished fourth. ..."
C'mon, work as a team and get something done.