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Steve Waugh says he would have loved to play a World Test Championship final at Lord's, an opportunity Tim Paine's team now has.

Thursday will mark the start of an eagerly-anticipated Ashes series but also the World Test Championship, a concept that has elicited some envy in cricket great Steve Waugh.

Rather than use a rankings system to determine the best side in the world, nine Test teams will now contest a total of 71 matches across 27 series during the next two years.

The two teams with the most points, which are accrued from every single game, will then square off in a 2021 final that is expected to be held at Lord's in June.

Waugh, who has long stressed the importance of funding and prioritising Test cricket, is thrilled to see the International Cricket Council's attempt to ensure every red-ball contest has context.

The legendary batsman, who captained an Australia outfit that won a staggering 16 consecutive Tests, admitted he would have loved to have taken part in a Test final at the home of cricket.

"Test cricket really needs this ... I played for 18 years and many people said we were the No.1 Test side in the world, but I think unless you hold up a trophy or you can get to that final game then you're not really sure," he said.

"For any team to play in that sort of game at one of the great grounds of the world, that's something you would have aspired to.

"As a team, our players really liked the big moments, the series where they were playing one versus two, where you knew the second-best team and trying to take your title.

"That brought the best out of the team, so definitely would have loved to be a part of that."

Waugh was speaking at Edgbaston, the same venue where he first collected the ICC's mace (awarded to the world's top-ranked team) back in 2001.

Australia's current skipper Tim Paine also praised the launch of the Championship, describing it as a "fantastic initiative".

"We love playing Test cricket. It's the pinnacle for us, remains hugely popular in Australia and we're fortunate that it enjoys great support at home," Paine said.

The Ashes remain incredibly well followed in both England and Australia but Test cricket is otherwise largely played in front of increasingly smaller crowds.

The advent of multiple lucrative Twenty20 leagues has many administrators fearing whether the longest format will remain commercially viable in the future for some boards.