Despite not playing an international since November, Ange Postecoglou's Socceroos have moved up from 47th to 44th in the rankings.
That leaves Australia as the third highest-ranked nation in the Asian Football Confederation, behind Iran (29th), and Korea Republic (36th).
The Socceroos currently sit third in their group in 2018 FIFA World Cup qualifying, one point behind Saudi Arabia (48th) and Japan (46th).
They are next in action in March with a crucial away clash with Iraq (119th) on March 23, before returning home to take on UAE (64th) in Sydney just five days later.
Meanwhile, Argentina, who have led the rankings since replacing Belgium last April, remain the world's top-ranked side, ahead of Germany, Brazil and Chile.