Pat Cummins' leadership has been rewarded with his being made captain of the side.
However, only two Australians have been selected for the ODI XI, also released late on Tuesday, despite the team's triumph at the World Cup in India. The hosts, well beaten by Australia in the final, have six players included.
South Australian Travis Head is the only player to be included in both teams.
Five women make the ICC ODI XI with Ellyse Perry, Beth Mooney and Ash Gardner having also featured in the T20 XI, released on Monday. Besides that trio Phoebe Litchfield and Annabel Sutherland were selected in the ODI XI.
There is no women's Test XI due to the limited number of fixtures worldwide.
The other Australians in the men's Test XI are Usman Khawaja, the only batter to make 1,000 Test runs in the calendar year, wicketkeeper Alex Carey and Mitchell Starc.
Also included are Ashes nemesis Stuart Broad, fellow Englishman Joe Root, Indian spin duo Ravindra Jadeja and Ravichandran Ashwin, New Zealand's Kane Williamson and Dimuth Karunaratne of Sri Lanka.
