The International Cricket Council updated their annual team rankings on Friday.
The ICC updated their annual team rankings on Friday (May 3) and Pat Cummins' side climbed to the top spot in the longest format on the back of their comprehensive 209-run victory over India in the WTC final at The Oval last year.
The WTC 2023 final triumph helped improve Australia's rating to 124 points, four clear of their closest rival India (120) and 19 points clear of third-placed England (105).
It's the only change at the top of the Test rankings, with South Africa (103), New Zealand (96), Pakistan (89), Sri Lanka (83), West Indies (82) and Bangladesh (53) remaining unchanged in spots between fourth and ninth.
The rankings update takes into account teams' performances after May 2021. This means India's impressive 2-1 victory in the Border-Gavaskar Trophy 2020-21 Down Under dropped out of the rankings period.
All results between May 2021 and May 2023 are then weighted at 50 percent and the ones in the following 12 months - that includes Australia's World Test Championship final victory - then weighted at 100 percent.
India may have lost pole position in the Test team rankings, they continue to dominate both white-ball formats and have increased their lead at the head of proceedings in ODI cricket to six rating points over Australia (116).
Third-placed South Africa (112) close the gap on Australia to just four rating points, while Pakistan (106) and New Zealand (101) round out the top five.
Seventh-placed Sri Lanka (93) are now just two rating points behind sixth-placed England (95), with Bangladesh (86), Afghanistan (80) and West Indies (69) rounding out the top 10.
India (264) remains well out in front of the updated T20I rankings, although their lead has been reduced from 11 points to just seven with second-placed Australia (257) jumping in front of third-placed England (252).
South Africa (250) moved up two spots from sixth to fourth and now sit just two rating points behind England, with Pakistan (247) dropping two places to seventh and Scotland (192) a notable improver as they overtake Zimbabwe (191) to claim 12th.
(With ICC Inputs)