Australia have retained their No.1 spot in the MRF Tyres ICC Men's ODI Rankings after the annual update but face strong competition ahead with Pakistan and India on their toes.

Australia improved their rating from 113 to 118 following the annual update, maintaining a slender lead over Pakistan (116 points) and India (115 points). 

Prior to the annual rankings update, Australia were at the top with 113 points with India behind them on decimal count. Pakistan were ranked third, with 112 points and briefly went to the top of the charts after their victory in the fourth ODI against New Zealand this month.

Pakistan could have stayed at the top of the rankings even after the annual update had they managed to complete a 5-0 clean sweep against New Zealand. 

The annual rankings consider all series completed since May 2020, with series completed before May 2022 weighted at 50 percent and all subsequent series weighted at 100 percent.

This means that Pakistan have now pipped India in the second spot, with their 4-0 away series defeat in England no longer being counted. Their 3-0 series loss in England in 2021 also has a reduced weightage, helping them leapfrog India in the charts. India on the other hand, have been heavily impacted by their 2-1 series loss at home against Australia this year.

With numerous ODI matches in the near future, there remains room for big movement among the top three as teams amp up their preparation ahead of the 2023 ICC Men's Cricket World Cup.

The top three have established a hefty lead, with New Zealand (104 points) in fourth. The Black Caps have leapfrogged England (101 points) to fourth spot. England have witnessed a massive 10-point drop in their rating, with their 2019 ICC Men's Cricket World Cup triumph no longer coming under consideration. 

South Africa (ranked sixth) and Bangladesh (ranked seventh) maintain their spots after the annual update. But there is big movement below them as Afghanistan make a massive jump to climb up to eighth spot, overtaking Sri Lanka and West Indies. 

Afghanistan improved their rating points (88 from 71) while Sri Lanka (80 from 86) witnessed a drop. West Indies maintain their rating of 72.