Taylor and Faleafaga started and Hurley came off the bench late in the first half to help level the two-game series.
Australia dominated territory and possession but sevens star Caleb Tangitau bagged a couple of tries and helped make the difference.
The home side scored from its first incursion into the 22. Harry Godfrey found Tangitau with a cross-field kick and he scored in the corner.
The Junior Wallabies responded with a second penalty.
Crusaders outside back Macca Springer then got free on the left from a scrum move. Godfrey created the space by slipping through a tackle, drawing two defenders and getting the pass to Springer.
Tangitau’s second try was something special. He got the ball from a standing start and weaved his way to the line from 10m out.
Up 19-6 at the break, New Zealand had to weather a fightback.
Massimo De Lutiis barged over from close range and Australia continued to build.
Hurley relieved some pressure with a couple of heavy hits, before Australian first five Jack Bowen dabbed a short chip kick ahead which Henry O’Donnell collected to score, with 15 minutes remaining.
That was the scoring all done.
The New Zealand under-20 squad for the world junior championships will be confirmed today.
Under-20 international
The scores
New Zealand 19
Caleb Tangitau 2, Macca Springer tries; Taha Kemara 2 con
Australia 18
Massimo De Lutiis, Henry O’Donnell tries; Jack Bowen con, 2 pen
Halftime: 19-6
— Staff reporter