As the initial disappointment of another failed Bledisloe Cup campaign fades, there are still reasons for Australian rugby fans to be positive ahead of the World Cup.

The heady levels of excitement that imbued Australian rugby in the wake of last week's record victory in Perth feels like a long time ago.

Saturday's 36-0 defeat was a chastening reminder of the All Blacks' quality, particularly given the Wallabies travelled to Auckland with genuine hopes of ending their drought.

Instead, the All Blacks turned up the intensity and punished the Wallabies for entertaining such ideas of stealing the trans-Tasman trophy from their 17-year-long grasp.

Australia's wait for a victory over their antipodean rivals at Eden Park, the All Black's most impregnable fortress, now stands at 33 years.

Yet despite the defeat, the Wallabies can take heart from an international window in which Australia finished second behind a resurgent Springboks side in the Rugby Championship and proved to themselves that the All Blacks — who finished a surprising third — can be beaten.

The Wallabies' recent turnaround culminated in a record victory over the All Blacks in Perth. ( AAP: Dave Hunt )

'We've improved a lot'

It's easy to forget where the Wallabies were at the end of 2018 — their worst international season since winning just twice in 1958.

In 13 Test matches last year, the Wallabies won just four, including a humbling 19-23 defeat against Argentina on the Gold Coast that led to ugly scenes as spectators vented their frustrations on an under-performing squad.

Now, the Wallabies have finished second in the Rugby Championship and inflicted a record defeat upon their greatest rivals from across the ditch.

Michael Cheika's squad has also been buoyed by the triumphant return of James O'Connor to the side after an ignominious six-year absence.

James O'Connor's return has been another huge boost for the Wallabies. ( AAP: Dave Hunt )

As such, the Wallabies coach was not overly perturbed by the mauling his team suffered in Auckland's wind and rain, saying his side had shown remarkable improvement in the past 12 months.

"The confidence [from last week] won't be dented," Cheika told reporters after the match.

"Obviously the disappointment is there, back home everyone was pumped for the game, they were excited after game one.

"Regardless, we've improved a lot since 2018. A lot on the field and off the field.

"We have to take [this result] on the chin."

Wallabies still considered among favourites for World Cup

Cheika added that although the defeat was a disappointment, the Wallabies had plenty to be positive about.

That includes the long-awaited return of loose-forward David Pocock, who is expected to be named in the World Cup squad in Sydney on August 23, and should play in the pre-tournament clash with Samoa at Paramatta Stadium on September 7.

Michael Cheika was disappointed with the result in Auckland. ( AAP: Darren England )

Cheika also alluded to a similarly chastening defeat prior to the last World Cup, a 41-13 reverse that followed a heartening 27-19 victory at Sydney's Olympic stadium four years ago.

The Wallabies ended up reaching the final of that tournament, losing out to the All Blacks 34-17 at Twickenham in the decider.

"Yes, you're going to be sad and disappointed," Cheika added.

"But suck it up and get ready for the next one … and build into the World Cup, just how we've always planned to."

Steve Hansen echoed that, saying the Wallabies should always be considered among the favourites to lift the Webb Ellis Cup in Yokohama on November 2.

"We got towelled up last week," Hansen admitted of the Wallabies' record-breaking 47-26 victory in Perth.

"It only takes a small degree of change and maybe [the Wallabies] weren't in the same place they were a week ago.

"But both teams are very talented teams and both will go to the World Cup with big chances of winning it, I think."

Wales lead northern-hemisphere charge

Wales captain Alun Wyn Jones was buoyed by George North's score in Cardiff. ( AP: David Davies )

Despite Saturday's whitewash against the Wallabies, the All Blacks are set to be supplanted at the top of world rugby's ranking list when it is released on Monday.

Wales' nail-biting 13-6 victory over England in Cardiff on Saturday means Warren Gatland's men will top the list for the first time since the rankings were introduced in 2003, ending New Zealand's 10-year reign.

Despite Wales coach Warren Gatland saying "lots of journalists will be out there saying 'this is a joke' — probably Kiwi journalists more than anyone", and that the number-one ranking is "just a number", the Welsh cannot be ignored as genuine World Cup contenders.

However, the Grand Slam-winning Welsh are far from invincible.

Last Sunday, a full-strength Wales team was unexpectedly thumped 33-19 by an under-strength England at Twickenham — and then lost inspirational New Zealand-born fly half Gareth Anscombe for the tournament after the Ospreys fly half tore his anterior cruciate ligament.

Wales responded by beating England on Saturday in Cardiff, but only scored its winning try when England were momentarily down to 13 due to a sin-binning and injury.

Eddie Jones has piled the pressure on Wales in the wake of the team being named world number one. ( AP: David Davies )

That didn't stop England's Australian head coach Eddie Jones from piling the pressure on the Welsh, saying "when you go to number one, you're favourites".

New Zealander Gatland, who said prior to the match that his side needed to "redeem themselves" after the Twickenham defeat, was slightly more circumspect.

"It's nice for a day but we won't be shouting from the rooftops about it," the Wales and British and Irish Lions coach told the BBC.

"We've got to keep things in perspective."

The Welsh are not the only contenders from the north looking to shake up the southern hemisphere's stranglehold on the World Cup and become just the second team from the northern hemisphere to win a title after England in 2003.

The French, who demolished Scotland 32-3 in Nice overnight, and Ireland are still a force to be reckoned with.

With the Irish set to play both England and Wales away from home over the next fortnight, the northern hemisphere challenge will become much clearer ahead of the tournament opener on September 20.