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I think if we were to include series from a bit further back (not sure the rankings take results from that long back into account), it would look a bit better for India.India's record:
v West Indies (a) W 2-1 (4)
Compaq Cup (vs NZ and SL in SL) - Winners (P3 W2 L1)
Champions Trophy - eliminated in group stage
v Australia (h) L 2-4 (7)
v Sri Lanka (h) W 3-1 (5)
Tri Series vs Sri Lanka & Bangladesh in Bangladesh - Runners Up (P5 W3 L2)
v South Africa (h) W 2-1 (3)
Zimbabwe Tri Series (vs Zim & SL) - 3rd (P4 W1 L3, including 2 defeats to Zimbabwe)
Asia Cup - Winners
Sri Lanka Tri Series (vs SL & NZ) - Runners Up (P5 W2 L3)
v Australia (h) W 1-0 (3)
v New Zealand (h) W 5-0 (5)
v South Africa (a) L 3-2 (5)
Would say looking at that, Australia have been way better over the last 2 years.
CB series (early 2008) - Winners
Some no-name tri-series against Pakistan and Bangladesh - Runners Up
Asia Cup - Runners Up
Bilateral series in SL - Won 3-2
Bilateral series at home to England - Won 5-0
Bilateral series in SL - Won 4-1
Bilateral series in NZ - Won 3-1
Australia lost home and away to SA in that time, and the CB series at home so that evens it up a bit.