Having begun the series with a genuine chance of becoming the top ODI team in the world, India slipped back to third position after going.
down 2-4 to world champion Australia in the seven-match home series that concluded on Wednesday.
In contrast, Australia reaffirmed its number one status after dominant 10 weeks of One-day cricket even though the seventh and final ODI against India was washed out.
India went into the seven-match series as world number two and needed to win the series to topple Australia from the top slot but Mahendra Singh Dhoni and his men could not capitalise on the injury-ravaged Australia's thin resource and lost the series.
For Australia, it caps off a superb 10 weeks or so of ODI cricket, having beaten England 6-1 at their own backyard, followed by a victorious performance at the ICC Champions Trophy in South Africa and now an impressive series victory over Mahendra Singh Dhoni's team.
As recently as September 20, the Aussies were ranked third behind India and the Proteas but now there are eight ratings points separating them from Graeme Smith's team. However, with a ODI series coming up against England and with Australia concentrating on Test cricket until the third week in January, there is the opportunity for South Africa to close that gap.
Elsewhere, Zimbabwe has lost one ratings point following its 0-2 series defeat to South Africa and now sits just a single point above Ireland in the 10th position. PTI