Captain Ricky Ponting raised the huge cup to the cheering crowd at the outdoor ceremony in Martin Place after telling a news conference the rest of the cricketing world had a long way to go before it could match Australia. Critics had begun to suggest the gap between Australia and other national teams was shrinking and the Australians were perhaps no longer the best one-day side in the world, he said.

"I think we have just gone ahead and even widened that gap so it is up to the opposition countries to address that fact and look at what we are doing.

"And look at how they are playing their cricket and make sure next time they play against us, they can compete better against us."

Coach John Buchanan joined in the orgy of self-congratulation, saying Australia's opponents should realise the nation's success was not just down to natural talent.

"I think it is always our job to be at the cutting edge and lead the way and make sure that other teams try to catch us," he said.

"Hopefully the world looks at what Australian cricket does and understands there are not only players but systems in place that have made this team what they are."

Buchanan and fast bowler Glen McGrath, who both retired at the end of the tournament, were singled out for rousing cheers at the civic reception. McGrath was man of the series in the Caribbean as the Australians trounced the rest of the world for the third successive time, while Buchanan was described by Ponting as the best coach he had ever worked under.

Prime Minister John Howard, a self-confessed "cricket tragic," earlier hailed Ponting for "great leadership" and his team for a "stunning performance."

He praised outgoing paceman McGrath as one of the all-time greats.

"He is the greatest fast bowler of his generation and many would say he ranks with the very greatest that the game has seen," Howard said.

At the news conference, Ponting shrugged off the farcical end to the tournament, when officials ordered Sri Lanka to bat on in darkness for three overs after the players had believed the game to be over.

"It sounded a whole lot better to us to get those three overs out of the way that night than come back the next morning I'd have been struggling to find someone to bowl the three overs the next morning," Ponting said.

But, asked about the role of the officials, he made it clear that the confusion had not gone down well at the time.

"I think they've learned their lessons there and I'm sure next time they officiate in big games like that they'll know the rules inside out."

Ponting joked about the days of celebration by the team in the Caribbean since the final.

"The celebrations were long and hard which is what they should be after you win a World Cup.

"There were some pretty amazing scenes coming back to Australia from guys (with) not a lot of clothing on at different hours of the morning, but we celebrated as we should."

Ponting said Australia's second straight undefeated run at a World Cup was an amazing achievement and praised Adam Gilchrist for his man of the match performance in the final.

"For us to again go through undefeated and once again have a lot of our players peaking at the right time in the World Cup is an amazing achievement by everybody," he said.

"Gilly's innings in the final as I have been flat out telling him, it was unbelievable, that was the one difference between the two teams in the final."