World champions India have slipped to third place in the ICC ODI team rankings after an annual update of the list in which Australia have extended their lead at the top to 12 points.
Despite capturing the World Cup 2011, India fell behind runners-up Sri Lanka in the updated rankings.
"This is due to the fact that in the 2008-09 rating year, now dropped, India won 17 ODIs and lost only five games, which was easily the best record during that period.
"In the same year Australia won 11 and lost 11 ODIs and so now Michael Clarke's side are no longer penalised for that relatively poor year," the ICC explained in a statement.
"In the past 12 months, India has lost nine ODIs, including its last two ODIs against eighth ranked West Indies and one in the group stages of the ICC Cricket World Cup, and has a win-loss ratio that is poorer than World Cup finalists Sri Lanka and quarterfinalists Australia and South Africa," it added.
Meanwhile, Australia captain Michael Clarke says he is determined for his side to maintain its lead at the top of the table.
Clarke said that his side is looking to maintain its position in the table.
"This Australian side is extremely proud to be ranked the number one one-day side in the world. However, we realise there is some significant work to be done if this is to remain the case," said Clarke.
"Being knocked out of the ICC Cricket World Cup at the quarter-final stage was very disappointing and our group has already started its planning to reclaim the title on our home shores.
"This summer in Australia will be a great stepping stone towards this aim as we take on World Cup champions India and runners-up Sri Lanka in a return of the tri-series competition throughout Australia," he added.
The annual rankings update is carried out to ensure the ODI Championship table continues to reflect recent form. As such, the new table only includes results from matches played after August 1 2009, with older results from between August 1 2008 - July 31 2009 being discarded.