Brisbane: New Zealand were five for 157 in reply to Australia's four for 556 declared at the close on the second day of the first Test at the Gabba here on Friday.
Kane Williamson was unbeaten on 55 with wicketkeeper BJ Watling not out 14.
The Blackcaps still need 200 to avoid follow-on.
Earlier, Australia declared on a mammoth 4 for 556 when Voges was left stranded on 83 in his maiden Test innings at home as declaration came when Khawaja perished.
All three players who would have been under the microscope at the start i.e. Joe Burns, Usman Khawaja and Adam Voges, came good.
New Zealand started off well with Latham and Guptill looking assured at the crease. But once they were back in the pavilion and the clouds gathered over the Gabba, all hell broke loose.
However, if you're a fan of intriguing Test cricket as I'm sure you are, Mohali is where the action is. Don't miss that. That's a wrap of Day 2 from the Gabba though, cheerio!
A thrilling final session where the Mitchells cranked it up. Starc and Johnson bowled in tandem for not more than half an hour but they kept us on the edge for the whole while.
Usman Khawaja scored a magnificent 174.
The tourists still face an uphill task to save the first of three tests in the series, however, especially after paceman Tim Southee was helped off the field with a back injury.
The Blackcaps went from 102/1 to 118/5. Williamson has rallied on since then with Watling to see them without any more damage through to the close of play, registering a classy half-century in the process.
New Zealand upped their game after a chastening opening day in which the hosts racked up 389-2 but, after removing Australia skipper Steve Smith for 48 early in the day, were apparently powerless to staunch the flow of runs.
Australia's first day tally was a Gabba record and Smith was the only one of their batsmen to fail to pass 50.
Boult did make the breakthrough soon afterwards with a perfect delivery that swung late and crashed through the gate to dismiss Smith with Australia still a run short of the 400 mark.
That was about as good as it got for New Zealand as Southee limped off with an irritated disc and Adam Voges raced to an 81-ball half century just before the lunch break.
Khawaja, playing his first test in more than two years, eased off the shackles when play resumed and stroked his 15th four to the third man boundary to reach his 150.
The end, when it came, was something of an anti-climax with the left hander miscuing a reverse sweep off Kane Williamson and Guptill scooping up the catch at gully.
The innings lasted 379 minutes and 239 balls with 16 fours and two elegant sixes.
Smith immediately called an end to the punishment and sent out pacemen Mitchell Johnson and Mitchell Starc to try and drive home the advantage.
Brief scores
Australia - 4 for 556 dec (Khawaja 174, Warner 163, Voges 83*, Burns 71)
New Zealand - 5 for 157 (Williamson 55*, Starc 2-30)
Status - New Zealand trail by 399 runs