Simplest way I can say it:
We no longer dominate, but you can't say there is a better team currently than Australia.
I don't think our recent results reflect the talent in the Aussie team lets put it that way. There are still a lot of good players in the baggy green, but everyone is hung up on Hussey, North, Hauritz and to a lesser extent: Johnson. We just need to stop the random collapses and get some more consistent bowling - we'll be fine.
Look at it talent wise, how many Indians would make our XI? Or South Africans? Or English?
From India I'd have 5, maybe 6:
Sehwag for Katich/Watson, Tendulkar for Hussey, Laxman for North, Harbhajan for Hauritz, Zaheer for Bollinger/Johnson. Maybe Dhoni for Haddin, but there's not much in it. I don't think I'd pick Dravid ahead of Ponting.
From South Africa 5 definite and 2 other possibles.:
Smith for Watson, Kallis for Hussey, De Villiers for North, Harris for Hauritz, Steyn for Bollinger/Johnson, Amla for Ponting probably too on recent form, possibly Morne Morkel as well.
From England only 3 definites, probably 4:
Trott for Hussey, KP for North, Swann for Hauritz, Broad for Bollinger/Johnson - but it's pretty close. Prior and Haddin are about equal. Anderson and Hilfy are similar too.