New Zealand scored a late try as they clinched a thrilling 35-29 victory over Australia in the Rugby Championship.

The All Blacks, who beat the Aussies 54-34 in the opening match last Saturday at the ANZ Stadium, were put through a rigorous test in Dunedin and they were blown away in the early stages of the contest.

Israel Folau opened the scoring inside the first minute when intercepting a poor pass before racing to the line although the conversion was missed by Bernard Foley, who had a poor day with the boot.

Captain Michael Hooper scored a second for the Wallabies before the skipper then set up Foley to cross the white line, giving the Aussies a 17-0 lead with just 17 minutes on the clock.

New Zealand kicked into gear after the early setbacks and two converted tries from Aaron Smith left the score at 17-14 at the break, reducing the deficit to just three points.

The world champions had a try chalked off in the second half after Brodie Retallik was adjudged to have lost control of the ball but they managed to take the lead on the hour mark, Beauden Barrett crashed over close to the line.

Will Genia then grabbed a try for the Aussies before Ben Smith hit back for the All Blacks, who led 26-22 with eight minutes of the match remaining.

Australia thought they had nicked the win when Kurtley Beale scored four minutes from time but the hosts showed their class when Barrett went over for the second time in the contest in the 79th minute.

New Zealand remain top of the Rugby Championship table, having won two from two, whilst Australia drop to the bottom after their winless start.