It seemed unthinkable when Eddie Jones was entrusted with the Australian rugby dynasty, but the Wallabies will not enter the World Cup as tournament favourites.

When Rod MacQueen stood down midway through the 2001 season, after the Wallabies had recorded their first-ever victory over the British Lions, Australia held every trophy possible, bar the Cook Cup.

Their most glorious era was at a crossroads and it was up to Jones to find the best way forward.

But two years, by his own admission, has not been enough for Jones to fine tune the style he wants.

Australia have still not regained the Cook Cup, they lost the Tri-Nations crown to New Zealand in 2002 with the All Blacks retaining the Tri-Nations this year and Jones' side has looked decidedly uncomfortable playing overseas.

In the last two years, Australia have lost away to South Africa, Ireland, France and England and were somewhat fortunate to escape from Argentina with a win.

Jones describes it as a "maturation cycle" - Australia were at the peak of theirs four years ago while England are there now. But the Wallabies must never be written off.

England coach Clive Woodward, despite his regular and public spats with Jones, insists Australia remain the team to beat at the fifth World Cup.

The draw does not work in their favour and it will be a tough ask, but if the Wallabies manage to become the first side to successfully defend the World Cup, Jones may just be credited with the birth of a new dynasty.

Squad: Alastair Baxter, Matthew Burke, Brendan Cannon, Matt Cockbain, David Croft, Ben Darwin, Matt Dunning, Elton Flatley, David Giffin, Matt Giteau, George Gregan, Nathan Grey, Justin Harrison, Stephen Larkham, Chris Latham, David Lyons, Stirling Mortlock, Jeremy Paul, John Roe, Joe Roff, Mat Rogers, Wendell Sailor, Nathan Sharpe, George Smith, Lote Tuqiri, Morgan Turinui, Daniel Vickerman, Phil Waugh, Chris Whitaker, Bill Young.