New Approach

Returning to Australia, he solidified his position by scoring an unbeaten 147 against New Zealand in an innings victory in the Third Test at Brisbane, ending the series with 216 runs once dismissed. He missed part of the 1993–94 triangular ODI tournament with New Zealand and South Africa due to a hamstring injury in late December, as well as the first two Tests against the South Africans. He returned for the end of the ODIs and ended with 141 runs at 23.50 and taking four wickets at 54.50. Waugh played in the Third Test at Adelaide Oval in late January with Australia trailing 1–0. He scored a 160 and took 4/26 as Australia won the Test and levelled the series. He was named as the international player of the [Australian] season

He took 5/28 and scored 86 in the Second Test of the return series in South Africa at Newlands, Cape Town to help Australia level the series 1–1 after losing the first at Wanderers in Johannesburg. Another half century saw him end with 195 runs at 65.00 and his bowling was at its most productive in five years, with 10 wickets at 13.00. In the ODI series, he received the player of the series for his all-round efforts, which hauled Australia back from a deficit of 2–4 to draw the series at 4–4. Waugh took 2/48 in the final match as Australia levelled the series by one run. He ended with 291 runs at 48.50 and five wickets at 56.40.

At the conclusion of the tour, the Australian Cricket Board interviewed Waugh, along with David Boon, Mark Taylor and Ian Healy to discern their opinions on the direction of the team after the impending retirement of Allan Border as captain. In spite of Waugh's greater experience, Taylor was granted the captaincy, while Healy was made vice-captain.

The new leadership took the team to Sri Lanka for the Singer World Series ODI tournament and then on a Test-playing tour of Pakistan.Waugh scored 53 runs at 17.66 and took five wickets in 16.20. On the latter tour, Waugh made 73 in the First Test, which Australia agonisingly lost by one wicket. His 98 in the Second Test at Rawalpindi was notable for his survival against a hostile barrage of short-pitched bowling from Wasim Akram and Waqar Younis. He eventually fell when a bouncer struck his body and rolled onto the stumps. A shoulder injury forced him out of the final Test, which Australia drew and therefore lost the series. Waugh scored 153 runs at 38.25 with two half-centuries and took two wickets at 72.00 as Australia won the ODI tournament.

During the 1994–95 Ashes series against England, he narrowly missed centuries in the Second and Fifth Test in Melbourne and Perth respectively, when he was 94 and 99 not out respectively when the last wicket fell. In the second instance, his brother Mark was run out after a mix-up while running for the injured Craig McDermott. It was an uneven series performance, scoring 94* and 26* in the Second Test and 99* and 80 in the Fifth, but not passing 20 in the six innings of the other three Tests. He ended the series with 345 at 49.28 and did not bowl for the entire series. Waugh played only one ODI for the season, scoring a duck and not bowling a ball. The season ended with short ODI tournament in New Zealand, which Australia won. Waugh scored 81 runs at 27.00 in four matches and did not bowl.