Pakistan have traditionally struggled on these shores with just four wins from 32 Tests, and none in the past 21 years, but meet an Australian side that has undergone massive change.

Misbah-ul-Haq's side is far more settled but arrived in Australia this week after a loss in a dead rubber to the West Indies and a 2-0 series defeat in New Zealand.

The defeats have dampened expectations for Pakistani success in the coming weeks but their form previously was good enough to suggest they should be more than competitive.

Pakistan climbed to the top of the Test rankings in August after a 2-2 result in England, where Australia had failed 12 months prior, but have slipped to fourth. Their failed campaign in New Zealand ended a run of seven unbeaten series but, Waqar believes, will serve as a "wake-up call".

Australia also have their share of problems, though eased somewhat by a face-saving victory against South Africa in the third Test. It is arguably the weakest Australian side to have faced Pakistan on home soil since the teams led by Graham Yallop and Kim Hughes in the aftermath of World Series in 1979.

Steve Smith and David Warner are world-class, Usman Khawaja is getting there but the remainder of the batting line-up is unproven at Test level.

"Fair enough they won against South Africa but there's definitely loopholes they can look into," former coach Waqar, who will be a guest commentator for Channel Nine during the series, said.

"Pakistan has been a very settled side the last couple of years, they've been playing really good cricket but they have to play to their potential.

"It's never easy in Australia on these bouncy pitches. I feel this is their best chance to beat Australia.

"In the past we always feared Australia are the better side playing in Australia - but not at the moment.

"I don't know what will happen in a couple of years, the Aussies always know how to bounce back but yes at the moment Pakistan stands a good chance."

Pakistan's strength is their attack, led by left-armer Mohammad Amir, who burst onto the world stage as a teenager before being convicted of spot fixing and jailed. Wahab Riaz showed his capabilities with his thrilling spell against Shane Watson in last year's World Cup but has been inconsistent in Tests.

Their star is leg-spinner Yasir Shah, who was rated the world's best Test bowler this year but was dropped in New Zealand due to the seam-friendly conditions.

"It's a new side and if Pakistan play to their potential and bowl well they've got a fair chance of picking up 20 wickets," Waqar said.

Pakistan crushed Australia 2-0 in 2014 in the Middle East but it will be a totally different game away from the dead tracks of their adopted home. Their poor effort with the bat in New Zealand has done little to inspire hope for their batting.

Asked who their key batsman was, Waqar quipped: "At the moment after what they've done in NZ it's hard to pick anyone."

Younis Khan, Pakistan's leading all time run-scorer, shapes as the key wicket but is coming off scores of two, one, two and 11.

"The NZ series is a big wake up call for them, being the No.1 team then losing like this I don't think it will sit well with them.

"That was a good preparation, there was some bounce and seam movement at Hamilton. I think they'll have learnt their lesson. There's still two weeks before the first Test so they should have enough time to get used to this bounce."