Beauden Barrett the hero for New Zealand as they leave it late to beat Australia and retain the Bledisloe Cup

Australia bounce back from hammering in Sydney with impressive display, but it is not enough against the All Blacks in Rugby Championship encounter.

New Zealand's Beauden Barrett (R) celebrates a try with teammates Anton Lienert-Brown (L) and Scott Barrett during the second Bledisloe Cup match between New Zealand and Australia under their Rugby Championship test, at Forsyth Barr Stadium in Dunedin on August 26, 2017. / AFP PHOTO / Marty MELVILLE
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Beauden Barrett scored a try two minutes from time to ensure New Zealand retained the Bledisloe Cup with a 35-29 victory over Australia in a classic Rugby Championship encounter in Dunedin on Saturday.

Barrett's second try of the match came just two minutes after Wallabies centre Kurtley Beale had given his side a 29-28 lead and hope of keeping the trans-Tasman Bledisloe Cup series alive for the third game in Brisbane on October 21.

Paul Radley on UAE rugby

The Wallabies, however, were left to rue some wayward goal-kicking from fly-half Bernard Foley, who left nine points on the field with four missed shots at goal at Otago Regional Stadium as New Zealand retained a trophy they have held since 2003.

Australia were hammered 54-34 in Sydney last week but bounced back strongly, racing out to a 17-0 lead that included an 80-metre interception try from Israel Folau inside the first 30 seconds.

Folau's score set the tone for the opening 20 minutes with the All Blacks dominating possession as the visitors showed far more discipline in defence and seized on what opportunities they had to punish the home side.

Michael Hooper then scored from an attacking lineout before Foley extended the lead with a breakaway try after the All Blacks had demolished a Wallabies scrum in midfield only for Will Genia to dart through a gap in the disintegrating pack.

The All Blacks settled and took control of the second quarter with Rieko Ioane touching down after clutching an inside pass from scrum-half Aaron Smith following an attacking line-out.

Smith then burst over on the stroke of half-time after the All Blacks had won a succession of attacking scrums as the Wallabies led 17-14 at the break.

The home side, who had two tries disallowed by television match official Rowan Kitt, dominated the third quarter before Barrett scored his first try in the 60th minute.

The final quarter descended into a see-saw battle with Genia finishing a counter-attack that he had sparked before Ben Smith appeared to have given New Zealand the lead for good when he crossed in the 71st minute.

Beale, however, then gave his side hope of sealing the Wallabies first victory in New Zealand since 2001 before Barrett scored his second try to dash their hopes.

Argentina and South Africa meet later on Saturday in the day's second Rugby Championship match, with kick-off being 9.40pm UAE time.