The side have been leapfrogged by New Zealand in the test rankings following Australia's 492-run thrashing at the hands of South Africa in Johannesburg overnight.
The defeat ended a disastrous tour for Australia after captain Steve Smith, vice captain David Warner and opening batsman Cameron Bancroft were sent home for ball tampering in the third test defeat.
With the Black Caps securing a 1-0 series win over England following a dramatic draw in Christchurch, New Zealand edged out Australia into third spot before the cut-off date of April 3.
Both teams finished on 102 points in the team rankings. However, New Zealand are ahead by a wafer-thin margin, as they are now on 102.263 points and Australia are on 102.2 points.
The change in rankings means that New Zealand will now get a prize money of US$200,000 for finishing third while Australia will have to be content with US$100,000.
India have already been presented with the ICC Test Championship Mace and a $1 million prize money after finishing in top spot. South Africa remained in second following their series win over Australia.
