The hosts conceded the first two tries before clicking into top gear with 10 minutes to play in the first half on Sunday morning (AEST) and score four of their nine tries in the last nine minutes.
It's the most points the Wallabies have conceded in a Test, passing the 61-22 hammering they copped in South Africa in 1997.
The flogging followed a gritty 20-19 win over Argentina in driving rain seven days ago and leaves Australia rooted to the bottom of The Rugby Championship ladder with one win from four games.
"We probably put three reasonably halves together then fell off a bit of a cliff," coach Joe Schmidt said of their two-Test tour.
"The last 10 minutes, we were over-chasing the game with a young group and there's always the risk the score will blow out.
"But at 41-27 we were only one score away from picking up a couple of bonus points at worst and chasing another chance at the game.
"We over-reached at the back end and it didn't look good."
Los Pumas lift the bat for 50! 🤯— Stan Sport Rugby (@StanSportRugby) ↳ The Rugby Championship. Los Pumas v Wallabies. Exclusive & Ad-free. Live & On Demand.#StanSportAU #TRC2024 pic.twitter.com/MJeXpAaP8rSeptember 7, 2024
Australia, in brilliant sunshine, looked on song when five-eighth Ben Donaldson found joy down the blindside to set up fullback Andrew Kellaway for their second try and create a 17-point buffer.
Back-rower Carlo Tizzano had earlier barged over for the game's first try after a Los Pumas' penalty goal.
The tactical exits of props Angus Bell and Taniela Tupou before halftime seemed to shift the contest, the hosts flicking the switch after 30 minutes with tries to Mateo Carreras and skipper Julian Montoya exposing and increasingly ragged Wallabies defence.
They came close to scoring again before the break but didn't relent after the resumption, an early unforced error from Marika Koroibete gifting field position that led to Juan Martin Gonzalez scoring.
Pablo Matera's try came after Schmidt had replaced his halves, who could only watch as Argentina hit top gear and Joaquin Oviedo's try made it 38 consecutive points.
Koroibete was pushed into touch after halfback Tate McDermott put him through a gap, the replacement half then doing it himself, tapping and darting through traffic to stop the rot.
Joaquin Oviedo evades Wallabies defenders to go over for a try in Santa Fe. (AP PHOTO)
There was still a glimmer of hope with 10 minutes to play, Argentina emphatically shutting the door in a devastating final passage that created some unwanted history for Schmidt's men.
Juan Cruz Mallia strolled over twice in mere minutes, Oviedo added another and centre Lucio Cinti picked a pass off his shoelaces to complete the carnage on the buzzer.
Los Pumas began the TRC with a 38-30 defeat of New Zealand in Auckland, the most points the All Blacks have conceded in a home Test.
"Records are going to happen," Schmidt said.
"That's what they're capable of. They can score quickly and as soon as you're not making the first tackle and scrambling ... it's very hard to plug the holes."
Australia's next assignment is New Zealand in Sydney on September 21.
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