FORMER Nelson professional and Australian legend Steve Waugh has called on those in charge of Aussie cricket to put their faith in young players if they are to revive their fortunes.

England are on course to win the Ashes series outright in Australia for the first time in 24 years as they closed day three of the final Test at the SCG on 488 for seven to lead by 208.

Speaking at the unveiling of a bronze statue in his honour at the SCG, the Waugh urged selectors to show faith in the next generation.

He identified Usman Khawaja, Steve Smith, Phil Hughes and paceman Peter Siddle as the men to lift Australia back to the top of the Test pile in the coming seasons.

Waugh admitted the current crop are far from the finished product, he was adamant the situation was not as dire as when he made his own debut in 1985.

"My first Test match Allan Border had played more Test matches than the rest of the team combined, so that was really a new beginning in Australian cricket," Waugh said.

"This is not the same, there's still a lot of experienced players and a lot of good young players.

"We're certainly not back to where we were in '85.

"This is still a pretty good team, but I guess it is a turning point.

"There's a turnover of players, some young guys coming through that look very promising and at some stage you've got to start with a new era."