Bangladesh stunned the world’s top-ranked Test side with a nine-wicket victory in Darwin to take the lead in the two-match series, although Australia bounced back in Mackay to level the series 1-1.
The growing financial appeal of T20 cricket has seen more players move away from the longer format.
Waugh believes it is difficult to blame cricketers for making that choice, but insists the importance of Test cricket must be preserved for the next generation.
Reflecting on Bangladesh’s victory in Darwin, Waugh said: “It was amazing. Probably that was our biggest wake-up call. It was great to see Bangladesh do so well.”
However, Waugh’s bigger concern is the future of Test cricket and the choices players face between the two formats. He believes T20 offers financial rewards, while Test cricket remains the ultimate test of a player’s ability.
“If you want to know how good you are at cricket, play Test cricket. And if you want to look after your family and make a lot of money, play T20.”
Waugh believes players should have the freedom to choose their careers, but cricket administrators must ensure Test cricket does not gradually disappear. He called for dedicated windows in the international calendar for the format.
“You have to have a separate time for Test cricket. It’s not easy, but it has to be managed skillfully.”
The former Australia captain also called for greater financial equality in Test cricket. Waugh first proposed equal pay for all Test players in 1999 and remains disappointed that the idea has not been fully adopted.
“If you want the guys to play Test matches, pay everyone the same. A guy playing Test cricket for Sri Lanka or Bangladesh should get the same money as an Indian or Australian player.”