After the forgettable year Australian rugby has had, Wallabies player hugged each other and some fans cried tears of joy as Michael Cheika's men did what just Ireland and the British and Irish Lions have done since the Rugby World Cup.

The Wallabies trailed by just a solitary point at half-time; a quantifiable measure of how much they have sharpened up since the 40-6 half-time scoreline in Sydney.

And yet again, the Wallabies led the All Blacks after 60 minutes, the storyline three-quarters written. Would it pan out the way it normally does? Not this time.

A 71st minute try to Rieko Ioane got the All Blacks within two points but a missed conversion from Damian McKenzie meant the Wallabies clung onto a late 20-18 advantage.

A clutch 53-metre penalty from Reece Hodge in the 78th minute was enough for the Wallabies who recorded their first win against the All Blacks in over two years.

"It's an overwhelming sense of satisfaction there," captain Michael Hooper said post-game.

Instead of tiring, players from both sides grew a leg. Sean McMahon broke off tackles and stormed down field like an angry bull. Ofa Tu'ungafasi lined up Bernard Foley with arguably the hit of the year.

This was Bledisloe Cup rugby, at its finest, despite the wet conditions.

Israel Folau was instrumental while Jack Dempsey was named man-of-the-match following another huge performance, his first on home soil.

It was clear the gap was closing between the two sides and after the shellacking in Sydney two months ago, Saturday was proof Cheika has got his Wallabies heading in the right direction.

Stephen Moore will leave Suncorp Stadium a winner in his final game on home soil after a contest in which Australia gritted its teeth and matched it with the world's best in trying conditions.

The evening, however, held far more significance than normal for the Australians, making the five-point victory even sweeter.

Aboriginal dancers greeted the Wallabies as they ran onto the field in their indigenous jersey, with Beale not leading the group out as some had tipped.

After the national anthems and welcome to country had concluded, the Wallabies were off the mark from the start of the contest, dropping three balls in the first five minutes.

Wet conditions were proving troublesome for players but it was not a worry for Hodge who dashed 75 metres to score the opening try of the evening.

Some excellent pressure from Will Genia on new Kiwi No.10 Lima Sopoaga forced him to throw a risky pass that landed in Hodge's breadbasket.

His five-pointer in the 7th minute was the second intercept try the Wallabies have scored in as many matches against the All Blacks, backing up Folau's solo effort in Dunedin.

Wayward lineout throws and a lack of communication at the back suggested the All Blacks weren't upholding the high standards they usually set themselves.

The All Blacks grind their way out of precarious situations. Slowly, they wore a backtracking Wallabies line down and made the most an overlap on the right edge as Waisake Naholo dived over for the visitors' first points.

A long-range penalty from Sopoago in the 25th minute put New Zealand ahead 10-7 as they began to find their groove.

Beale had an off night and Sonny Bill Williams got his revenge. A monster shot from Beale in Dunedin rocked the All Blacks No.12 but SBW forced Beale to knock-on and stood over him with a deathly stare.

Beale's usually slick hands, however, failed him on a number of occasions in the wet.

It was a first half characterised by dropped balls and dour restarts, in stark contrast to the high-tempo contest in Dunedin eight weeks ago.

The Wallabies needed a spark approaching half-time. That man once again, Folau, delivered when his team needed him most.

Granted, most of the work had been done inside from Foley and Beale but Folau's vision saw the Wallabies trail 13-12 at half-time.

From 10 Tests this year, Folau has now scored a staggering 12 tries and is still a chance of reaching the world record mark of 17 with four games remaining on the international calendar.

Although Foley's boot was wayward, Australia regained the lead in the 57th minute through Marika Koroibete and some shrewd captaincy from Michael Hooper.

With three points there for the taking, Hooper opted against kicking a penalty and went for touch. Off the next phase, the ball shifted left and Koroibete left McKenzie feeling sore and sorry for himself.

His missed kick late in the piece gave the Wallabies a chance and when the All Blacks knocked on after the siren, all the negative headlines and backlash throughout the year was instantly forgotten about with this extraordinary win in Brisbane.