Australia Covid: Police say Portman and Baron Cohen did not break lockdown rules
New South Wales Police had earlier told the BBC that they were conducting inquiries after members of the public had raised concerns.
Police now say no further action will be taken against the two.
It comes as harsher Covid restrictions were announced for Sydney on Friday.
"Officers attached to Northern Beaches Police Area Command received information about a group on a boat on Monday 5 July 2021, potentially breaching Public Health Orders (PHOs)," NSW police said in a statement.
"Police have reviewed the information and confirm the activity, and the number of people in the group, complied with the PHOs in force at that time. There will be no further police action taken."
According to Sydney's stay-at-home order, people should only leave their homes for essential reasons.
Australia's largest city has been in lockdown since 26 June to combat a 400-case outbreak of the Delta variant.
But the case rate has continued to climb, officials say, partly because of people breaking the rules.
Paparazzi shots published by The Daily Mail showed Baron Cohen, Portman and her husband, choreographer Benjamin Millepied, on a boat ride on Sydney Harbour.
Celebrity rush exposes Australian 'double standard' How Delta burst Australia's Covid bubble Before Friday, people were allowed to gather outside in groups of 10 but only for "essential" exercise.
Portman and Millepied have been in Sydney since January for filming commitments. Baron Cohen and his Australian wife Isla Fisher also entered the country last year.
Since March 2020, Australia has shut its borders to almost all foreigners in a controversial policy that has also prevented citizens and family members from entering the country.
However, it has granted entry permits to thousands - including dozens of celebrities, sports players, and business people. Those exemptions have sparked public outrage.
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