But can the Wallabies win this World Cup? Are they that good? And why are so many people suddenly backing them?
The answer to the last question is easy enough. This always happens at World Cup. A few days out from the tournament, the odds on one team suddenly shorten dramatically.
In 2011 it was South Africa. In 2007 it was Ireland. As to why that happens ... who knows? It just does. As for whether the Wallabies are good enough ... the answer is yes.
There's something about them right now that makes them dangerous. The arrival of Michael Cheika has changed everything. He's exactly the sort of hard-nosed, common sense coach the Australians have needed for more than a decade.
His reaction to the Wallaby victory against the All Blacks in Sydney this year was impressive. His tone was perfect: he acknowledged the hard work and commitment of his players to get the job done, but then laboured the point that one win alone means little.
The task for the Wallabies is to continually beat the All Blacks and therefore, unlike teams of the recent past, they shouldn't jump up and down and head for a big night on the back of a solitary win.
Cheika has kept his troops grounded. He's given them a clear mandate to not only be proud to be Wallabies, but to make Australians proud of the Wallabies.
He's also done what he can to toughen them up - especially in the pack and for the first time in an age, the Wallabies can have some assurance that their scrum won't disintegrate. Mentally they hang in there for longer: they actually believe they can stand up to bigger, more physical packs and hold their own.
Will they win it? Unlikely, for the simple reason they are going to have to play five huge tests in seven weeks to get the job done. Not only do they have to play England and Wales to get out of their pool, they will then have to take on three knockout games. It's too much. They don't have the depth or the mental fortitude to handle a schedule like that.
Australia as winners of Pool A? Yes ... could happen. Australia as semifinalists? Yes ... could happen. Australia as finalists? Possibly ... could happen.
Australia as winners of World Cup 2015? Hard to see. That's one game too far no matter how much momentum they are gathering.