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New Australia head coach Joe Schmidt has seen his new side in Test match action but he will get a real indication of where his team are at when they take part in the highly-anticipated 2024 Rugby Championship.

With reigning world champions South Africa top of the world rankings and New Zealand a dominant force in this competition, the Wallabies will have their work cut out to finish top of the pile this year.

Here's a look at the chances for all four teams, starting with Schmidt's new-look Wallabies.

Wallabies set to see where they're at

Starting the tournament on 10th August against South Africa at Suncorp Stadium in Brisbane, this match will give a good early indication of what we can expect from this Wallabies side in the 2024 Rugby Championship.

A shock win against the Springboks and there will be a significant boost in expectations.

However, a heavy defeat on home soil against the Boks and it could be a sign for more tough games to come in this Rugby Championship.

Australia are the biggest price in the outright winner odds for this season's competition at 34.00 to claim the title for the first time since 2015.

Boks with a point to prove

Despite winning the World Cup in both 2019 and 2023, South Africa have not been able to transfer that global success to the Rugby Championship.

Winning the title just once in the last 14 years, the Boks have played second fiddle to the dominant All Blacks.

Sitting at the top of the world rankings and the current reigning world champions, the Springboks are the 1.57 favourites to prove they are the best in the business and win a fifth Rugby Championship title in their history.

All Blacks know how to get it done

Second favourites at 2.50 for the title, New Zealand will have no issue with being underestimated by some going into this competition.

The All Blacks have set out on their own new era with head coach Scott Robertson at the helm, which might suggest why there is some uncertainty around this side going into the Rugby Championship.

With New Zealand clubs dominating in Super Rugby Pacific again this year, Kiwi rugby continues to be in rude health.

While the conversation rumbles on over whether South Africa or Ireland are the best Test side in the world at present, underestimate New Zealand at your peril.

Pumas eyeing further shocks

Avoiding the wooden spoon last season at the expense of the Wallabies, Argentina will be eager to show they have made further progress this year.

Finishing fourth at the World Cup in France last year, head coach Michael Cheika moved on to pastures new and former Pumas fly-half Felipe Contepomi is now the man in charge.

It will be intriguing to see how Contepomi takes this team forward and if they can not only get the better of Australia but also pick off a scalp against the Boks or the All Blacks.

The Pumas, who are 23.00 for the title this year, should not be taken lightly and his side could play a big role in deciding which nation is crowned champions this year.