Australia has clinched the Chappell-Hadlee Trophy with a 116-run win over New Zealand in the second ODI at Manuka Oval on Tuesday night.

The Black Caps won the toss and elected to bowl, but faced a daunting task after Australia - led by 119 from opener David Warner - made the second-highest ever ODI total at Manuka of 5-378.

New Zealand lost game one centurion Martin Guptill for 45 and were always left with too much to do before being all out for 262 with four balls remaining in the 48th over.

Guptill's fellow opener Tom Latham had struggled for runs early before blocking an easy return catch to Josh Hazlewood to depart for 4 with the score on 40 in the sixth over.

Skipper Kane Williamson and number four James Neesham combined for a 125-run partnership to keep the tourists in with an outside chance.

They needed 210 runs off the last 20 overs to claim an unlikely victory.

The writing was on the wall, however, as soon as Neesham tried to loft Hazlewood to the boundary but found Mitchell Starc at mid-off, departing for 74 to make it 3-177 at the end of the 31st over.

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Colin Munro soon followed for 11, to become James Faulkner's first scalp of the match. With the asking rate hovering around two runs a ball, the pressure mounted on Williamson and all-rounder Colin de Grandhomme.

The latter smashed Faulkner over the fence on the on-side to get off the mark, but he struggled to keep the momentum up and was dismissed for 12 by a diving catch from wicketkeeper Matthew Wade off a delivery from Starc.

Still needing 150 to win, Williamson (81) tried to up the tempo, but drove a ball from Pat Cummins straight to Warner at extra cover.

The Australians then picked up Mitchell Santner for 2, Tim Southee - also for 2 - Matt Henry (7) and BJ Watling (17) to wrap up the match.

Paceman Pat Cummins was the best of the Australian bowlers, taking 4-41 off 10 overs.

Warner's ton the foundation for big total

David Warner top-scored with 119 as Australia posted 5-378, the second-highest team total ever in ODIs at Manuka Oval. ( AAP: Lukas Coch )

Earlier, Warner's excellent knock set the foundations for a big score for the home side.

The home side made a solid, if not spectacular start, reaching 0-54 off the first 10 overs.

Aaron Finch survived one close call in the 13th over when he gloved one through to the wicketkeeper only for BJ Watling to miss his chance.

Two balls later, however, Mitchell Santner had his revenge, as Finch mistimed a sweep and the ball bowled the Australian for 19 to make the score 1-68.

This brought Smith to the crease, and the captain joined Warner in a brilliant partnership.

They put on 145 before Warner was finally out on the first ball of the 37th over, with the opener smashing a ball from Colin de Grandhomme to Williamson, who took a low diving catch at cover.

Smith was out a few overs later for 72, making the score 3-248.

Despite Warner and Smith's departure, however, the Australians had plenty of batting in reserve, and they launched an all-out attack over the final 10 overs.

Travis Head scored 57 off 32 balls, then all-rounder Mitch Marsh hammered an unbeaten 76 off 40 balls.

The third and final match in the series will take place at the MCG on Friday.