The tour offers a chance for the likes of Phil Hughes and Shaun Marsh to reassert Test claims while Bailey, Adam Voges and newcomer Fawed Ahmed are among those looking to push for Ashes call ups.
Despite the obvious differences between formats, Bailey expected performances in the series to count for plenty.
"Absolutely you would like to think if you're scoring runs against the best international sides in T20 and one-day cricket, you'd like to think that does hold some bearing for Test cricket,'' Bailey told AAP.
"One of the challenges if you're playing a lot of one-day and Twenty20 cricket with Australia is you can miss some of the Australian summer of Shield cricket.
"So you've got to make hay while the sunshine's there. The games you do play, you've got make the most of your opportunity.''
Bailey would have his eyes set on the vacant No.6 spot in the batting line-up, while national selector John Inverarity has said legspinner Ahmed is in contention for the home summer.
England have controversially decided to rest the core of their Ashes squad for the limited overs games.
Former England captain Michael Vaughan said fans should be offered refunds after Ashes stars Alastair Cook, Ian Bell, Stuart Broad, James Anderson and Graeme Swann were left out.
Only seven of Australia's limited overs squad played in the Test series but it is their strongest side in the format.
Bailey said the tour was important in putting the building blocks in place ahead of next year's T20 World Cup and the one-day World Cup in 2015.
"The T20 World Cup might be some time away but you've only got a handful of games in that period,'' Bailey said.
"It's important to get your best T20 side out or as close to your best as you can every time you play.''
Bailey said the side was not dwelling on past results and played down talk of getting Ashes revenge over England.
"We try and win every series so that doesn't change,'' Bailey said. "I don't think you go into any series thinking about what's happened in series past.
"It's all about what's coming up in the future.''
Australia's winless run in international cricket:
Last win: Beat West Indies in a ODI match at MCG, February 10
Days since last win: 204
Matches since last win: 13
-AAP