British fencers have been doing quite a bit better - a number of last 32 and L64 results, quite a few fencers in the world top 100 (across weapons, and in both senior and junior rankings) and just over a week ago, Jon Willis won Heidenheimer Pokal, one of the hardest World Cup events (probably only behind the World Championships and Olympics). The first British World Cup fencing win since 1981, apparently, which happens to be the year Willis was born. Not only did he win, but he won the semi-final after being down 12-14, and won the final 15-11 from being 6-11 (!). I've seen him fence at some British Opens, and the only fencer I can compare him to in style is Seamus Robinson, from Australia - but Willis trains full-time and is taking his fencing very seriously these days, and the results are starting to come through.
[1] Yes, there's always the cricket, and we're doing ok at the World Cup - but it seems more like the rest of the world just doesn't care that much about cricket and is falling away, rather than Australia powering ahead.