This generation has nothing to do with the 1999, 2003 and 2007 World Cups wins, so calling Australia a tournament team is misleading. Similarly, we cannot call West Indies a tournament team because of the successes of the previous West Indies teams.
This Australian side can go all the way in favourable conditions as they showed in 2015, but England have improved a lot and mauled them in Australia in 2017 and also demolished them in England last year. Australia were also poor in the Champions Trophy in England. Yes they had some bad luck but they were comprehensively thumped by England in a must-win game, so they only have themselves to blame.
It is perfectly fine to consider Australia as strong favourites because of the so and so players in the team, but to claim that they are favourites because Australia always rises to the occasion in tournaments and that you have to beat them to win the World Cup is misleading.
The reason why I think Australia is inferior to England and India is largely because of their top three. Warner is brilliant, but Finch and Khawaja are inferior to the top three of England and India. Both Finch and Khawaja have been in excellent form, but they are often susceptible to good bowling and go through prolonged slumps.
After Smith, the batting is shaky as well. Maxwell is a match-winner, but they have a weak underbelly because of Stoinis and Carey. In my view, they are short of another quality batsman at #5. Maxwell should be batting at #6. Handscomb is very good and he should have been in the squad.