The Samurai Blue are $3.25 favourites at bet365 to retain the trophy they won in 2011 in Qatar, when they defeated the Socceroos 1-0 in extra-time.
Ange Postecoglou's side, playing on home soil, are at $3.60, possibly a little short given their struggle for form in recent international friendlies.
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A good outside bet are South Korea at $6, while Iran, who played at the World Cup at early this year, should not be completely discounted at $9. Uzbekistan, who reached the semi-finals in 2011, losing 6-0 to the Socceroos, are $13 to win the competition.
Australia are $1.25 favourites to win their opener against Kuwait ($9) on January 9, with the draw at Melbourne's AAMI Park priced at $5.50.