In a gripping display of pace bowling mastery, Josh Hazlewood spearheaded Australia's charge on day one of the second Test against New Zealand in Christchurch.

His remarkable five-wicket haul dismantled the New Zealand batting lineup, restricting them to a modest total of 162 runs.

Opting to field after winning the toss, Australia's decision was vindicated as Hazlewood, along with his longtime pace partner Mitchell Starc, wreaked havoc on the Hagley Oval pitch.

Despite the early setbacks, New Zealand's paceman Matt Henry fought back valiantly, claiming three wickets to provide his team with a glimmer of hope amidst the carnage.

As the day drew to a close, Australia found themselves at 124 for four, with Marnus Labuschagne standing firm on an unbeaten 45 runs, supported by nightwatchman Nathan Lyon.

"I think the way we started off the ball ... we could create some pressure from both ends," Henry said.

"Taking wickets is key out here .... Obviously tomorrow morning's going to be a big start for us and hopefully we can bowl well."

New Zealand captain Tim Southee and Kane Williamson marked their 100th tests, enjoying a warm ovation from the sell-out crowd on a glorious morning -- but Australia's bowlers soon muted the celebrations.

Hazlewood trapped Williamson lbw for 17 and proved a constant menace with his suffocating line and length after openers Tom Latham and Will Young survived the first hour with wickets intact.