Waugh, the 33-year-old all-rounder, replaces Mark Taylor who retired from the international cricket last week, to become 40th captain of Australia.

A veteran of 111 Tests with 7,213 runs to his credit, Waugh was appointed captain by Australian Cricket Board with the kangaroos ready to embark on tour of West Indies starting February 22.

``To be named captain is a great honour,'' Waugh told a news conference. ``It is something I never thought would come my way.''

Waugh, who saved Australia many a times with belligerent knocks and also excelled in bowling at the last stage of the innings in one-dayers, said: ``Growing up as a kid, I wanted to play for Australia and it's always been my dream.''

ACB chairman Denis Rogers said Waugh would lead the Aussies in both Tests and limited-overs matches. He had previouslyserved as captain of the One-Day team and vice-captain of the Test team.

Shane Warne, 29, would be Waugh's deputy for the West Indies tour, Rogers said.

Although Waugh was the obvious candidate to replace Taylor, there was speculation among sections of the Australian media that Warne may get the job ahead on him.

``No-one has a right to own the Australian captaincy or be in the Australian cricket side. If I'm not performing or not doing the job and there's someone better, then I expect the selectors to pick that person,'' Waugh said.

Waugh said he did not plan to radically change the way Australian teams approached their matches although he hinted that he would be less inclined to take the sort of risks that Taylor often made in the pursuit of victory.

``Australia could probably have drawn a few more games that we lost over the last couple of years and that's one area I'll be trying to improve,'' Waugh said.

``But I don't need to change too much because it's pretty much a winning formula at themoment.''