Ponting, who had led Australia to two 50-over World Cup triumphs and also captained a team that made the semi-final in the inaugural World T20 in 2007, has been surprised by Australia's form in the lead-up and throughout the ongoing tournament.
"If they don't make it through, there'll be some questions asked I'm sure, because I had them in the top three coming here," Ponting said on Thursday.
"I thought the final would be between two of Australia, India and England. The reason I say that was no one gave Australia a chance in the last [World Cup] over in the UAE in conditions that didn't suit. But then, they're [currently] in home conditions, and conditions that all of these guys have been brought up [in] and played a lot of cricket [in].
"I thought that everything was just sort of aligning itself quite nicely for the Aussies to make it through. But even their form coming in wasn't great either with the lead-up that they had, and they did play a lot of T20 games coming here. So there can't be any excuse as far as preparation is concerned."
Australia are currently on the brink of elimination ahead of their last group match against Afghanistan in Adelaide. Unless one of New Zealand or England lose their final matches or Australia make up the large net run-rate difference with a thumping win over Afghanistan, then the hosts will miss the semi-finals just 12 months after winning the title for the first time.
"Looking back to the last T20 World Cup, Australia nailed all the big moments. They haven't so far in this tournament, and that's quite often the difference"
Ponting on what might have gone wrong for Australia
It might end up being Australia's only loss of the tournament, but it left their net run rate in tatters, and could well be the reason they miss out on the semi-finals. They have also dropped three catches in this tournament so far, looking back at which they will feel they were critical, particularly from an NRR perspective.
Thus, Ponting believes Australia have been off in their execution across all departments.
"It's there and then the moments in games that you just have to get right, and you have to nail in World Cups," he said. "And looking back to the last one [T20 World Cup], Australia nailed all the big moments. They haven't so far in this tournament, and that's quite often the difference.
"I think Australia have been just that little bit off in probably all departments, to be honest. They've been a little bit sloppy in the field. A lot of their bowling hasn't been great, and their batters probably haven't scored the runs that they should have either - particularly probably at the top of the order. If they don't make it through, they obviously only have themselves to blame."
Alex Malcolm is an Associate Editor at ESPNcricinfo