Smith, 35, informed his team-mates immediately after the loss to India in Dubai on Tuesday that he had played his last ODI match, meaning he will not be part of Australia's team for the 2027 ODI World Cup despite standing in as captain for the Champions Trophy in Pat Cummins' absence.

"It has been a great ride and I have loved every minute of it," Smith said in a statement. "There have been so many amazing times and wonderful memories. Winning two World Cups was a great highlight along with the many fantastic team-mates who shared the journey.

"Now is a great opportunity for people to start preparing for the 2027 World Cup so it feels like the right time to make way.

"Test cricket remains a priority and I am really looking forward to the World Test Championship final, the West Indies in the winter and then England at home. I feel I still have a lot to contribute on that stage."

Smith has long said that he was a series-by-series proposition in every format as questions have been posed to him in recent years about when he would retire from international cricket.

Having referenced the Ashes later this year, he would appear committed for at least another home summer, but what happens beyond that remains to be seen. There is the prospect of away series against India and England in 2027.

He is not currently in Australia's T20I plans after being left out of the 2024 T20 World Cup squad, but has stated that he would like to represent Australia at the 2028 Olympic Games in T20 cricket and remains available for selection if called upon.

Smith was an integral part of two ODI World Cup victories in 2015 and 2023. In 2015, he made five consecutive fifty-plus scores including 105 in the semi-final win over India and 56 not out in the final against New Zealand at the MCG, where he also hit the winning runs.

Smith led Australia in 64 ODIs from 2015 to 2025. Only Ricky Ponting, Allan Border, Steve Waugh, Mark Taylor and Michael Clarke have led Australia on more occasions, although Smith was the only one not to lead his country in a World Cup.

"We fully understand and support Steve's decision to retire from One Day International cricket," Bailey said. "Steve has said on many occasions he is approaching the remainder of his playing career on a series-by-series basis, a position which hasn't changed and one Cricket Australia supports.

"His record as a batter across 170 games is exemplary and to leave the format as a two-time World Cup winner cements his legacy as one of the great Australian ODI players. From an NSP [national selection panel] standpoint, Steve remains fully committed to Test cricket and is an integral member of and leader within that team."

New CA chief executive Todd Greenberg acknowledged Smith's contribution to Australia's ODI team over a 16-year career. "Congratulations to Steve on an amazing One-Day International career during which he has made a vast contribution to Australia's performances in the 50-over format."

Australia's next ODIs are scheduled to be a series against South Africa in August.