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Former Wallabies coach Eddie Jones, poised to take on a controversial rugby World Cup role with South Africa, says New Zealand are a team in decline, but may still be good enough to win the global crown for the first time in 20 years.
Jones is considering a role with South Africa at the upcoming World Cup in France, after completing a one-week "advisory" stint with Jake White and the Springboks.
The All Blacks are clearly the side to beat at the World Cup in France in September and October.
But according to Jones, they are not as imposing an obstacle as they were a year or two ago.
Jones says he agrees with ex-Wallabies coach Bob Dwyer that Graham Henry's team are on the slippery slope.
"I think they're still the favourites," Jones told Radio Sport in an interview from South Africa.
"What the problem has been, if you look at New Zealand in 2004, 2005 and 2006, they were probably 5-6 per cent better than everyone else. Now they're probably 1-2 per cent better than anyone else.
"That difference has decreased, not dissimilar to England in 2003 when they probably hit a peak in June and then were just able to hang on.
"New Zealand, as Bob Dwyer made the point in May, have already hit their peak but they've still got enough left to be rated the best side in the world and an outstanding chance of winning the World Cup."
Jones, who quit as Queensland Reds coach after a shocking Super 14 campaign earlier this year, said he felt Henry's side still had something up their sleeves ahead of the global tournament.
"They've been idling a little bit. Graham Henry... doesn't want him peaking a month before, he wants them peaking at the World Cup.
"I think you'll find the All Blacks, when it comes to the World Cup, will be a much more cohesive unit than they've been over the last couple of months."
The Springboks are New Zealand's biggest threat at the World Cup.
"But it's now about what side can improve the most.
"They're small increments, but whatever side improves the most over the next two months will be the side knocking on the door of the World Cup final."
- NZPA