An inexperienced Wallabies squad bowed out of the World Cup group stage for the first time in the tournament's history, triggering a storm of criticism of Jones and Rugby Australia.

Under Jones, who announced his resignation last weekend, the Wallabies won only two out of nine tests in 2023.

The panel will review the "strategy and structure of the Wallabies' performance environment" and aims to deliver its recommendations to the Rugby Australia (RA) board before the end of the year, RA said in a statement on Thursday.

"As rugby fans, we were all disappointed in the results at the World Cup - the performance was not good enough for a proud rugby nation like ours,” said RA CEO Phil Waugh.

Former Wallabies captain Slack led the team to the 'Grand Slam' triumph in 1984 when they beat all four of the "home nations" - England, Wales, Ireland and Scotland.

He also led Australia at the inaugural World Cup in 1987.

Former Wallabies lock Harrison played 34 tests, including the World Cup final won by England in 2003, and is CEO of Australia's players union.

A Pasifika advisor will also support the panel and process, RA said. The Wallabies squad features many players with Pacific Island heritage.

"The Wallabies have a proud history as one of Australia’s most loved sporting teams, and it is our responsibility as custodians to continually seek to improve performance and deliver a world-class program," said Waugh.