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Rahane made a sparkling 61 off 27 balls as CSK chased down the target of 158 in 18.1 overs.
The 34-year-old Rahane, playing his first match for Chennai Super Kings, slammed the fifty (52) off 19 deliveries against Mumbai Indians,
Veterans Ajinkya Rahane and Ishant Sharma, who were previously in Grade B, have not been given contracts.
The Australians lost the match on the opening day as they failed to build on the advantage of winning an important toss.
Test matches between India and Australia have often been the best advertisement for the phrase 'glorious uncertainties' that characterises the game of cricket.
While there is so much talk about spin bowling, Cummins said they should not forget about their intimidating pace bowling attack.
A total of 79 players were sold in the IPL auction in Kochi on Friday.
Tuesday was the last date to announce the full list of players retained and released by the teams ahead of the mini-auction, scheduled to be held on December 23 in Kochi.
Set an improbable target of 529 runs for an outright win, South Zone were bowled out for 234 in 71.2 overs.
South Zone trail by 375 runs with four wickets in hand and a full day's play remaining.