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The tri-series was terminated because of its lenghthy schedule which would wither the spectator's interest if Australia was not doing well. India had defeated Australia in the last edition of the tournament earlier this year.
Australia will play two separate five-match Commonwealth Bank Series, the first against world number one-ranked South Africa throughout January and the second a traditional Trans Tasman battle against New Zealand for the Chappell Hadlee Trophy during February, a CA statement said on Monday.
"A new look ODI format now features Australia in every Commonwealth Bank Series match," said CA Chief Executive Officer James Sutherland.
"Two head-to-head contests against current number one-ranked South Africa and against New Zealand, give us the new ability to promise fans the first-hand opportunity to see their Australian heroes in action every time they attend or tune in to an Australian summer ODI," he said.
This will follow five 3 mobile Test matches, two against New Zealand in November and early December and three against South Africa in December and January.
A third Twenty20 International has been added to the schedule this season, with two being played against South Africa in Melbourne and Brisbane and a third scheduled against New Zealand in Sydney.