And completely ignoring the last 3 years as well.
In the post McGrath-Warne era, Ponting's Test captaincy record reads as follows:
P36 W20 D7 L9
Series results: P12 W8 D1 L3
That's hardly a terrible record.
Included in that record is the South Africa away series. Let's have a little bit of context about that series.
South Africa went to Australia on a run of supreme form in the 2 years previous: South Africa won home series against India and Pakistan, an away series in Pakistan, a home series against West Indies, beaten Bangladesh away and drawn in India, before winning a series in England for the first time since re-admission and despatching Bangladesh again at home. South Africa then went to Australia and became the first touring side for 16 years to inflict a Test series defeat on Australia. While the rankings may have disagreed, it was clear Australia were in a bit of a decline, and South Africa were clearly the number 1 side in the world.
Australia then made the trip across the Indian Ocean for the return series. Matthew Hayden had retired. Andrew Symonds had fallen foul of the team management. Brett Lee and Stuart Clark were injured. Australia went into the first Test with 2 debutants in their top 6: Philip Hughes, and Marcus North. The bowling attack picked for the series was as follows:
Mitchell Johnson: the "experienced" leader of the attack who had made his Test debut 18 months previously, and who had played in just 18 Tests prior to the series.
Peter Siddle, who had debuted in India and replaced Stuart Clark for the home series, who was the second most experienced member of the attack, having played just 4 Tests.
Ben Hilfenhaus: another debutant.
Andrew McDonald: an all rounder with 1 Test worth of experience
Bryce McGain: a veteran leg-spinner who had had some solid Shield form, no Test experience.
Despite South Africa's wonderful form prior to the series, despite Australia's relative decline, having lost series to India and South Africa, despite the massive inexperience in the Australian line up, Australia crushed a full strength South Africa side in the first 2 Tests and won the series 2-1. I don't think I can talk up the enormity of that achievement enough.
I personally don't think Ponting is a great captain, but you are massively downplaying what he has done with this Australian side in the past 2 years.