The race for the first Olympic equestrian medals will pitch Germany, Australia and Great Britain in a nail-bitingly close showdown Tuesday in the final component of the three-day eventing competition.

Germany is looking to erase painful memories from four years ago in Athens when the gold medal was taken away from them and awarded to France after a rules breach by star rider Bettina Hoy.

Less than the tap of a well-polished hoof on a fence separates Germany and Australia going into the team show-jumping and a defiantly confident Britain holds bronze position, declaring the gold is anyone's to win.

Germany sits on 158.10 penalties – ahead of Australia's 162.00 and Britain's 173.70 – and boasts the top two individual riders in Hinrich Romeike and Ingrid Klimke.

After a searing round in Monday's cross-country, Romeike, a dentist, likened his horse Marius to Formula One compatriot Michael Schumacher.

The tight and twisty cross-country course turned the tables in the Germans' favour, pushing them ahead of the Australians who finished the dressage atop both team and individual rankings.

In silver position going into the team jumping, the Australians also hold second and third individual rankings in Megan Jones, on Irish Jester, and Clayton Fredericks on Ben Along Time.

Australia conceded pole position in the individual rankings after Lucinda Fredericks and Headley Britannia dropped to 11th place.

Britain's team manager Yogi Breisner told reporters: "It's certainly not over yet."

Mary King, riding Call Again Cavalier, is in equal fifth individually alongside the United States's Gina Miles on McKinlaigh.

The rankings are so tight that none of the riders looking at a medal can afford mistakes. Knockdowns and refusals each earn four faults, with time faults at one per second over the allotted time. Falls mean elimination.

Just 3.9 points, less than one fault, separate Australia from Germany, and Britain is fewer than three faults behind the leaders.

Three-day eventing is comparable to the triathlon, combining the grace of dressage, the endurance of cross-country and precision in show-jumping.

The sport, often said to be as dangerous as Formula One, has been criticised for the risks inherent in the cross country.