The side, captained by Allan Border and coached by Bob Simpson, beat England by seven runs in a tense final in Kolkata. Australia have since won four more World Cups.
The International Cricket Council last year decided to award medals to players and support staff of all World Cup-winning squads who did not receive them at the time of their successes.
The West Indies team from 1975 and Sri Lanka from 1996 will also receive medals.
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