New Zealand edge Australia 31-28 in Bledisloe Cup thriller

Both sides scored four tries on a warm Sydney afternoon as the All Blacks rebounded from consecutive Rugby Championship defeats against world champions South Africa.

New Zealand took a commanding 28-14 lead into the break and, despite Australia storming back into contention, held on to retain a trophy they have owned since 2003, dominating possession, set plays and the breakdown.

"It's a bit of a relief, to be honest," said New Zealand captain Scott Barrett.

"In the last 15 (minutes), we found ourselves in a bit of a hole, but we hung on with a bit of scrambled defence and managed to hang on.

"It's the nature of the Aussies, they certainly don't lie down."

The writing was on the wall with New Zealand winning their past seven Tests against Australia, heaping more pressure on Wallabies coach Joe Schmidt, whose side were humiliated 67-27 in Argentina a fortnight ago.

Despite the fightback, it proved a disappointing way for prop James Slipper to celebrate becoming the most capped Wallaby with his 140th appearance, surpassing George Gregan.

The victory elevated New Zealand above Los Pumas into second on the Rugby Championship ladder, with one game left against Australia, who prop up the table, in Wellington next week.

Argentina host the table-topping Springboks later on Saturday.

"We're obviously gutted to not get the result," said Australia captain Harry Wilson.

"Giving a 21-0 head start to the All Blacks was always going to make it tough for us, but I am super proud of the effort and the way we fought back.

"We just didn't want to give up and played for each other."

In a blow, New Zealand veteran Beauden Barrett was ruled out with illness an hour before kick-off, meaning Will Jordan moved to fullback and Sevu Reece came in on the wing.

Australia also switched things up, with Nic White and Noah Lolesio thrust in as the halves pairing, while centre Hunter Paisami and fullback Tom Wright returned from injury.

But it made little difference with the hosts exposed inside two minutes when Jordan sliced open the defence to dot down between the posts, with Damian McKenzie adding the extras.

The All Blacks kept their foot to the floor and raced 14-0 clear after nine minutes with centre Reiko Ioana collecting their second try in a move stemming from a break by Caleb Clarke.

Australia were bereft of ideas and Clarke powered over in the corner for the visitors' third.

New Zealand momentarily went to sleep and Nic White exploded into a hole before offloading for Fraser McReight to dive over and finally give the 68,061-strong at Sydney Olympic Stadium something to cheer about.

But it was a temporary blip with Ardie Savea sprinting over for another try in the 24th minute after a sloppy Australian spoon pass was picked up by Reece.

With McKenzie nailing a fourth straight conversion, they moved into an ominous 28-7 lead.

The Wallabies, though, kept plugging away and were rewarded when hooker Matt Faessler charged ahead of the half-time hooter to give them a glimmer of hope.

An early second-half penalty stretched New Zealand's lead, but it was a much better Australia that fronted up.

New Zealand had a try disallowed for a forward pass and Australia capitalised with a try of their own through Paisami after a break from Lukhan Salakaia-Loto to narrow the gap to 10 points with 15 minutes left.

It lit a fuse under the home side, who scored another try through Tom Wright with a minute left to set up a grandstand finish, only for the All Blacks to cling on.