Australia's reign as the world's best Test team is over after being dethroned at the top of the international cricket rankings by India.

The No.1 team in the world since January 2022, Australia's drop to No.2 follows the 2-1 series loss to India earlier this year.

Under ICC rules, series played in the past three months are calculated into overall rankings points with matches in the previous 12 months given 50 per cent more weighting.

It means Australia lose their rankings points from the dominant 2019-20 home summer against New Zealand and Pakistan, while the 4-0 Ashes series win against England in 2021-22 is no longer worth as many points.

India now sit on 121 rankings points, five clear of Australia on 116. England have gone from 106 points to 114 in third, off the back of a dominant 12 months under new coach Brendon McCullum.

India's effort to leapfrog Australia comes ahead of the World Test Championship final between the teams at the Oval next month.

Australia can return to No.1 in the world if they beat India in the final and win the ensuing Ashes series against England.

Pat Cummins' men remain No.1 in the world in one-day cricket, marginally ahead of New Zealand and India. Australia are sixth in Twenty20 cricket, with India well ahead in first.

Australia have continued their dominance of women's cricket with the world champions some 53 rankings points clear of nearest rivals England in one-day cricket.

Meg Lanning's team are also still atop the T20 charts on 302 points compared to second-placed England's 282.