"Australia's biggest challenges will come from South Africa and India, with New Zealand a dark horse under the aggressive leadership of Brendon McCullum," Chappell wrote in his column for 'The Daily Telegraph'.
"Australia is superior to all but India's powerful line-up in batting and the pace bowling is the equal of South Africa's talented triumvirate and better than the rest. Its fielding, which will be important on Australia's bigger grounds, is athletic and includes some strong arms," he explained.
"I only have two quibbles with the chosen World Cup squad of 15: the non-selection of a leg-spinner and Steve Smith not being vice-captain to take over in a situation where Michael Clarke doesn't make the fitness deadline," Chappell said.
"The one area where Australia can be bettered is in spin bowling. As the summer heats up and the pitches are subjected to more wear and tear, this may become a factor and Australia's Achilles heel against spin is its biggest concern going into this World Cup," he said.
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"George Bailey doesn't make Australia's best side, which means if Clarke breaks down during a game then (Test captain Steve) Smith will take over the captaincy. Why wouldn't Smith then remain as captain of the side in Clarke's continued absence?
"By choosing Bailey, the selectors may create a situation where, during the World Cup campaign, the captaincy could resemble a game of musical chairs," he opined.
Speaking about the other members of the team, Chappell said in-form opener David Warner gives the side a distinct edge over other teams.