Ponting has rediscovered form with the bat

The world champions play New Zealand on Wednesday, having progressed by beating India by six wickets on Sunday.

"There's no excuses now for us, we have a good team and it will be a great challenge," Ponting said.

"Looking at the way we've played in the last couple of games, I think we will play better this time around."

Interview: Australia skipper Ricky Ponting

Defending champions the West Indies shocked Australia in their opening match of the tournament, but Ponting's men rallied to beat first England and then India to top Group A.

It will be a great contest, no doubt about it Ricky Ponting on Wednesday's semi-final

They face trans-Tasman rivals New Zealand, who have won nine of their last 12 games, in good heart with Ponting, Damien Martyn and all-rounder Shane Watson all scoring half-centuries against India.

"With Watson opening the batting now, it gives us even more flexibility," Ponting noted.

"It will be a big game against New Zealand and a great challenge for all of us," he added.

"They just enjoy playing good cricket and the conditions we are playing in here suit them a little bit as well. It will be a great contest, no doubt about it.

"Their strength is all-rounders like Scott Styris. They also have Stephen Fleming, who has done a good job."

Fleming made 80 and won the man of the match award in his record-breaking 194th one-day match as an international captain in their victory over Pakistan last week.

The second semi-final sees South Africa face the West Indies in Jaipur on Thursday, with the final in Mumbai on Sunday.