Cricket Australia chairman Bob Merriman applauded Australia wicket-keeper Adam Gilchrist's suggestion to hold an annual match between India and Australia on January 26.
India celebrates Republic Day, while the Aussies celebrate Australia Day on January 26 and it is that uniqueness that prompted Gilchrist to suggest a match between the two teams for the Waugh-Tendulkar Trophy.
Merriman told rediff.com the idea has merit and deserves to be thought through.
"It is a very important day for both countries and we would do well to have a match on the day to promote our relationship with India," he said.
Gilchrist had suggested that the event could be held annually, once every two years or once every four years.
"We will discuss this issue with the Indian cricket board while we are in India," said Merriman, who is in Kolkata to attend the final of the TVS Cup between India and Australia.
To pay tribute to the icons of modern day cricket, Gilchrist had suggested that the trophy be named the Waugh-Tendulkar Trophy.
Merriman too agreed it would be a fitting tribute to both Sachin Tendulkar and Steve Waugh.
"In Australia's journey to success Waugh has been the engine driver. He has been significantly responsible for Australia's rise in one-day as well as Test cricket. I wish Australia had 25 Steve Waughs," said Merriman.
Merriman said the final between India and Australia will provide exciting fare for cricket lovers all over the world because India is the team that is most likely to challenge Australia's supremacy in the coming years.
"Both the teams are very well matched and if we have a clear day and night, there will not be much to chose between the two sides. This match will set the tone for India's upcoming tour of Australia," he said.
"Australia must remember that they are 0-1 to India when it comes to the Test series, since we lost to India in 2001; and that we lost the first match we played here [in Gwalior].
"It will be 15 Australians against a 100,000 Indians tomorrow," he added.