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Australia's claim on being the best Test team in the world has been strengthened by series wins for Pat Cummins and his men in the Ashes and in Pakistan.

New Zealand may have lifted the inaugural global title - but the latest ICC rankings have Australia's men strengthening their grip as the world's No.1 team in Test cricket.

Pat Cummins' outfit have actually extended their lead at the top of the ICC Men's Test team rankings after the ICC released their annual update of the rankings on Wednesday.

The new rankings, which reflect all Test series completed since May 2019, have Australia now leading second-placed India by nine points with an overall rating of 128 points, with the world Test champs New Zealand third on 111.

In the previous rankings, the Australians led India by just one point but, with greater weight placed on recent results, the emphatic triumph of Cummins' team in the Ashes and then their historic 1-0 victory in Pakistan have only strengthened their lead.

The sharpest fall from grace has been England's. They've tumbled nine points from 97 to 88 in sixth place in the latest rankings, with new captain Ben Stokes taking the reins of a team that's won just one Test in the last 12 months.

England's new points total is the lowest they've had for 27 years as they drop out of the top-five.

Speaking at his captaincy unveiling, Stokes had conceded the team's run of results was woefully inadequate.

"I think if we're completely realistic, winning one game in 17 is nowhere near good enough," he said.

"What we can do is say, 'there's only one way to go from here - which is up'."

In the men's ODI rankings, Aaron Finch's Australian side are third on 107, behind the two runaway leaders, second-placed England (124) and New Zealand (125).

Despite winning the World Cup in the format in November, Finch's T20I side have risen only one place to fifth in the rankings on 251, behind India (270), England (265), Pakistan (261) and South Africa (253).

It may raise some eyebrows that India, who didn't even reach the semi-finals of the World Cup, top the rankings, but they've since been in brilliant form under Rohit Sharma's leadership, beating New Zealand, West Indies and Sri Lanka on home turf.

New ICC world men's rankings:

TEST

1. Australia (Rating 128)

2. India (119)

3. New Zealand (111)

4. South Africa (110)

5. Pakistan (93)

6. England (88)

7. Sri Lanka (81)

8. West Indies (77)

9. Bangladesh (51)

10. Zimbabwe (25)

ODI

1. New Zealand (125)

2. England (124)

3. Australia (107)

4. India (105)

5. Pakistan (102)

T20I

1. India (270)

2. England (265)

3. Pakistan (261)

4. South Africa (253)

5. Australia (251)