Martin Guptill fell three runs short of a third Twenty20 international century as he helped New Zealand to a thrilling four-run win over Australia in Dunedin.

The opener smashed eight sixes and six fours on his way to 97 off 50 balls as the hosts posted 219-7.

Australia rallied from 113-6 with Marcus Stoinis hitting 78 off 37 deliveries before he was caught off the penultimate ball of the game.

Victory gave New Zealand a 2-0 lead in the five-match series.

The third game takes place in Wellington on Wednesday.

New Zealand lost Tim Seifert early before Guptill shared a 131-run stand with captain Kane Williamson, who made 53, in front of a sell-out crowd at University Oval.

Mitchell Santner reduced Australia to 113-6, dismissing Ashton Agar and Mitchell Marsh for ducks with consecutive balls on his way to figures of 4-31.

But Australia rallied with powerful batting from Stoinis and Daniel Sams, who scored 41, as they targeted the short boundaries in a rapid partnership of 92.

The tourists needed 15 off the last over but Jimmy Neesham had Sams caught at deep mid-wicket with the first ball, before Stoinis - needing a six and a four off the last two deliveries to win - holed out at long-on.