In 1956 Wood lost the national sculling title to teenager Stuart MacKenzie, who was selected ahead of Wood to represent Australia in the single scull at the 1956 Summer Olympics in Melbourne. But Wood and his partner Riley were selected for the double scull. Among others in the final, Wood and Riley faced the Soviet team that included Yuriy Tyukalov, who had beaten Wood at the 1952 Games. Tyukalov's boat again triumphed, an American boat finished second, and Wood's boat third, giving him a Bronze medal at age 39. Wood was again named the flag-bearer, the only Australian to have twice achieved the honour.