The ICC released a statement on Tuesday explaining that South Africa could overtake top-ranked Australia on the ICC Test Championship Table if Shaun Pollock's side win their upcoming two-Test home series against Pakistan.
South Africa would improve their series points average from 1.53 to 1.59 and overtake Australia (1.54) who have held the top ranking since the table was introduced last year.
"Everyone knows who the number one side is so I don't really see that as a big issue," Waugh told a news conference in Melbourne on Tuesday.
"If they happen to take the mace off us then congratulations to them but I think everyone knows who the number one side is."
Australia
Waugh's side have already retained the Ashes by comfortably winning the first three Tests.
Australia have yet to play Bangladesh or Zimbabwe in a series while South Africa have contested 17 of a possible 18 series and have had more opportunities to earn ICC Test Championship points, the ICC said in a statement.
South Africa hold six points from three winning series against Zimbabwe and Bangladesh, while Australia have no current points against either team.
Australia's first chance to pick up points away from home will be in West Indies in April 2003 after a 2-2 draw in the Caribbean in 1999.
A series victory would lift Australia's points average to 1.62 and they would reclaim top spot, the ICC said.
© 2026