Numero uno side Australia followed an emphatic 4-1 series win in England last January with a tri-series victory at home this month to make it the clear favourites going into the mega-event that kicks off with a double at the Melbourne Cricket Ground and Christchurch.
"I'd love to say (past records) counts for something, but I honestly don't think it does," Bailey told reporters today.
"England has made some really positive changes to the way they play and their structure, and I personally think they look really dangerous.
Australia have won 13 of 15 ODIs against England over the past four years. The record in Melbourne is even more one-sided, with England losing eight of their last 11 matches at the MCG - its last win coming way back in 2007.
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The MCG is expected to hold a near capacity crowd of around 90,000 for the match.
"There's a lot of talk about a big crowd, a big tournament and a big clash to kick it off," Bailey said. "All things that the boys are very, very excited about."
Australia's Test captain Michael Clarke will skip the match as a precaution as he makes his way back from hamstring surgery, but coach Darren Lehman has no doubt he'll play Australia's second match on February 21 against Bangladesh.