It is the first of two that will decide who holds the trophy at the end of the second Test being played in Auckland 10 days later.
Prop Scott Sio said after beating South Africa in their first Test, they were disappointed in not being able to back that up in Sydney at the weekend when going down 8-24.
"We got a bit out-enthused there, and didn't make the most of our opportunities," he told rugby.com.au.
"We lacked a bit of physicality…we've got to take the time to swallow that pill and try and move forward as a group."
Utility back Reece Hodge, who ended up playing first five-eighths when Australia lost five-eighths Hunter Paisami and Noah Lolesio to concussions, said that wasn't any excuse.
"I don't think we can blame a couple of injuries for how we played.
"You prepare for worst case, not best. I'd like to think everyone knew their role and were pretty clear on what we needed to do.
"New Zealand obviously had a big win over Argentina, so they're going to be very confident, and it's going to be a big challenge, but one that, hopefully, we're up for in Melbourne.
"We'll look at New Zealand over the coming couple of weeks, but [their 53-3 win over Argentina] didn't surprise me.
"We've had a few more Tests [than is usually the case before Bledisloe Cup games], and the beauty of the Rugby Championship this year is each team can beat anyone on their day.
"We're going to have to go in with some serious belief that we can beat the All Blacks in Melbourne and get the Bledisloe campaign off to a good start."
Australia had been 'inconsistent and inaccurate,' he said.
"The first half was not bad, the inaccuracy at the breakdown cost us. That period from 40-60 [minutes], we allowed them to get on top of us."
Sio said: "It's always an exciting Test. You just have to look back over the years [where] the Wallabies have had some classic matches there [Melbourne], so we always look forward to facing the blokes across the ditch.
"It's one of the toughest assignments to beat New Zealand in New Zealand. Thankfully for us, we have the chance to do it on home soil [before travelling for the return game in Auckland] in Melbourne. We'll get around the people in Melbourne and, hopefully, put together a good performance."