Wallaby skipper George Gregan said his side was in a rut.

Judging by Saturday night's 50-21 record thrashing by New Zealand in their Bledisloe Cup clash at Telstra Stadium, the Australian rugby side has fallen into a chasm.

While the All Blacks were awesome, the Wallabies were awful and with the World Cup just two Tests and two months away, they are fast running out of time and excuses.

New Zealand, which last week thumped South Africa 52-16, ran in seven tries to Australia's three to surge to its highest ever score against the Wallabies, beating the previous best by seven points.

It was also Australia's worst loss to New Zealand on home soil since a 38-8 defeat in 1924.

The Wallabies' worst ever home loss came in 1966 when the British and Irish Lions ran out 31-0 winners in Brisbane.

The win set the All Blacks up as favourite for the Bledisloe Cup, with the Kiwis only needing to win the return match in Auckland next month to take the trophy for the first time since 1997.

If the Wallabies don't make dramatic improvements, they may as well pack it up, as well as the World Cup, with their defence of the William Webb Ellis trophy in disarray.

Australian coach Eddie Jones described the performance as "highly disappointing" and the worst he had been involved with.

The Wallabies had plenty of possession and territory, but were let down by poor decision-making and dreadful defence, missing 33 tackles.

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