Former Test captain Ricky Ponting says overseeing a smooth transition when he took over from predecessor Steve Waugh in 2004 was one of the most satisfying achievements from his 77 matches as Australian leader.

Speaking to a crowd of Australia's biggest sporting names at Melbourne's Crown Palladium as he was inducted into the Sport Australia Hall of Fame on Wednesday night, Ponting said carrying on the aggressive brand of cricket Australia played under Waugh was his primary goal when he took over the helm.

It was a legacy he was able to continue, leading Australia to victory in 48 of his 77 matches as skipper and equalling the record of 16 consecutive Test wins set by Waugh’s team.

“I had big shoes to fill taking over from Steve Waugh and taking over a team that had dominated world cricket for a few years,” Ponting said.

“When I took over the captaincy, I wanted to create an environment that everyone felt equal in, and more importantly, from the outside I wanted fans to not know there had been a change in leadership.

“(I wanted) the team to continue playing the brand of cricket it had been playing for five or six years under Steve Waugh’s leadership.

“That was what I set out to do and thankfully the group of players I had allowed me to do that.”

Ponting with a young leg-spinning Smith on his Test debut in 2010 // Getty

With new captain Steve Smith facing a similar challenge as he takes over from Michael Clarke, Ponting has lauded the new skipper’s ambition.

"He's an exceptionally driven young bloke," Ponting said. "He wants to be the greatest player of all time and that's a great thing to have.

"He wants to be the greatest player that Australia's had and that's fantastic. He'll have a great relationship with the coach, he'll have a great relationship with the selectors, because that's just the sort of kid that he is, and he'll make sure everyone in that dressing room is treated the same way."

Ponting yesterday named his preferred squad of 12 for the first Test against New Zealand for cricket.com.au with the final make-up of the seam attack his one area of doubt.

Quick Single: Ponting picks his first Test team

"I have no concerns at all with Australian cricket," he said. "Yes, we lost the Ashes ... if I was them, I would have been most disappointed with their first Test performance.

"If you look at what we've done for the last couple of years, everyone we've come up against, we've won well whether that's home or away.

"We'll beat NZ and we'll beat the West Indies comfortably, that's the way I see the summer going."

Ricky Ponting being inducted into the Sports Australia Hall of Fame by former teammate Adam Gilchrist pic.twitter.com/epaMky6pXy — cricket.com.au (@CricketAus) October 21, 2015

Ponting, who is the 40th cricketer inducted into the exclusive club, also recalled the nerves that accompanied his Test debut at the WACA in 1995.

The Tasmanian said runs weren't his biggest concern on the eve of the match against Sri Lanka – although he did make 96 of them in his first Test innings.

“Before my first ever Sheffield Shield game I set an alarm for PM not AM and so I slept in.

“So my memory of my first ever Test match is making sure I had six or seven alarms set so it wouldn’t happen again.

“But my other memories of that game are incredible. I got to debut in a great team, I had my parents and my grandmother who had flown over for the game.

“It was an amazing thing to be presented with a Baggy Green cap in a great team and to have a little bit of success yourself is the ultimate thing for an Australia cricketer.”

Ponting’s 17-year Test career produced 41 centuries, more than any other Australia, and he also shared fond memories of his highest Test knock – 257 scored at the MCG against India in 2003.

“That happened to be Steve Waugh’s last series. I remember having a word to him at the start of the series and telling him I would do everything I could to send him off in the right way.

“I ended up making two double centuries in that series and the best one was the one at the ‘G.”

Ponting has joined the likes of Sir Donald Bradman, Steve Waugh and Shane Warne in the Sports Australia Hall of Fame.

Bill Lawry was the most recent inductee before Ponting, having been included last year, while Adam Gilchrist (2012), Glenn McGrath and Belinda Clark (both 2011) are other recent additions.

Ponting is the second Tasmanian to be inducted, with David Boon (2005) the other inclusion.

Athletes are required to be retired for two years before being eligible for the Hall of Fame and with Ponting's last first-class match in 2013, he was inducted at the earliest opportunity.

The 40-year-old, who played his last match for his country at the WACA in December 2012 and retired from first-class cricket with a final match for Surrey at The Oval in mid-2013, shares the Australian record for most Tests with Steve Waugh, and has scored more Test runs (13,378) and more centuries (41) than any other Australian.

Only Sachin Tendulkar has scored more Test runs overall, and only the 'Little Master' and South African great Jacques Kallis have produced more tons.

His record on the one-day arena was no less impressive. In his 375 matches in the green and gold, the Tasmanian scored 13,589 runs – more than any other Australian – including 29 hundreds.

Australia’s success at the Cricket World Cup was also recognised by the Sport Australia Hall of Fame, with the one-day team shortlisted for the coveted ‘The Don’ Award.

The annual award is presented to the athlete or team who has most inspired the nation during the past 12 months. The award was won by new world No.1 golfer Jason Day, who claimed his maiden major title in the US PGA Championship in August.