"I think this game is a big game for them.
"I mean the All Blacks, they've been beaten by Ireland, they've been beaten by South Africa and I think they're not nearly as dominant as they were almost to the point where you could say, are they the best team in the world at the moment?
"I really don't know.
"Because you've got Ireland, you've got Wales, who went through a grand slam, and you've got South Africa who are picking players from all around the world now, so world class players getting picked for the Springboks.
"It's going to be the most open World Cup."
Since the last World Cup the All Blacks and Wallabies have met nine times with Australia winning just once.
Saturday will be the first meeting in Perth between the two countries. New Zealand and Australia have previously played at 25 different venues.
Waugh added: "They've got some selection issues as well.
"You lose Retallick who's probably their most dominant forward, they've put Richie Mo'unga in at 10, Beauden Barrett's gone back to 15, so you actually go 'well, all of a sudden there's a few different combinations there for the All Blacks, too', they haven't got the settled (look about it without) Dan Carter, Ma'a Nonu, Conrad Smith."
All Blacks 2012-2015
49 wins 3 defeats 2 draws
All Blacks 2016-2019
37 wins 5 defeats 2 draws
All Blacks' last five matches
Beat England 16-15
Lost to Ireland 9-16
Beat Italy 66-3
Beat Argentina 20-16
Draw with South Africa 16-16
All Blacks' last five matches v Australia
Won 35-29
Lost 18-23
Won 38-13
Won 40-12
Won 37-20
