Nobody is saying Australia's great players all play with them now though... you can take McGrath, Warne, Gilchrist and probably Hayden or Langer, and add in Arthur Morris, Don Bradman, Greg Chappell, Steve Waugh, Keith Miller, Alan Davidson and Dennis Lillee, and you've got a team that can match it with anyone.
Anyway, Australia, the West Indies and England are fairly close at the top, but are clearly the best three sides over the whole history of test cricket. After that, you've got South Africa and Pakistan who are fairly close, then India and New Zealand, and then teams who haven't been around long like Sri Lanka and Zimbabwe.