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Like Australia, New Zealand had plenty of chances to win the opening Bledisloe Cup Test but none better than Rieko Ioane's try just before halftime.

Dave Rennie is dubious but the All Blacks' grip on the Bledisloe Cup is tenuous after Australia's pulsating 16-16 draw with New Zealand in Wellington.

Australia's superb showing in the Kiwi capital means the equation for both sides is now simple; win two of the final three games to reclaim the trophy out of their possession since 2003.

With two matches at home to come, what felt impossible before kickoff on Sunday suddenly seems conceivable.

The result is historic.

Australia was on a run of 23-straight defeats away to New Zealand until the mighty draw.

But it is yet to herald a power shift between the Kiwis, ranked world No.2s, and Australia, which has slumped to seventh in the world rugby rankings.

Asked whether he considered the Wallabies favourites to win back the Bledisloe, Rennie was not expansive.

"No," he said bluntly.

All Blacks boss Ian Foster, who described the result as "bitterly disappointing", said he was looking forward to getting to Test two at New Zealand's house of pain: Eden Park.

Foster's side haven't lost at the Auckland venue since 1994, a run of 43 matches which is peerless in world rugby.

"We can't wait to get to Eden Park and we've got a job to do," he said.

"We play well up there and we're going to have to."

Rieko Ioane, picked at centre, was in the middle of the action against Australia.

The 23-year-old put his foot on the sideline in the buildup to Jordie Barrett's opening try but officials missed the mistake.

Then right on halftime, Ioane blew a certain try with an unforgivable handling error under no pressure as he went to score from a flowing All Blacks move.

"That would have been useful," Foster conceded.

"He's feeling very frustrated with himself ... it's one of the lessons that players have to go through."

Foster praised the Wallabies for their intensity and effort, but denied the All Blacks would be up against it to retain the trophy.

"I don't think it puts us on the back foot. There's still three to go," he said.

"It turns it into a best of three Bledisloe which is nice and simple isn't it. We've got to win two.

"This test showed where both teams are at. Both teams will walk away from that with a lot of positives ... it bodes well for a great series."