diff --git a/lib/iris/tests/unit/coords/test_AuxCoord.py b/lib/iris/tests/unit/coords/test_AuxCoord.py
index 300238b3c1..20fd16377b 100644
--- a/lib/iris/tests/unit/coords/test_AuxCoord.py
+++ b/lib/iris/tests/unit/coords/test_AuxCoord.py
@@ -774,3 +774,30 @@ def test_nanpoints_eq_copy(self):
     def test_nanbounds_eq_self(self):
         co1 = AuxCoord([15.0, 25.0], bounds=[[14.0, 16.0], [24.0, np.nan]])
         assert co1 == co1
+
+    @pytest.mark.parametrize("bothlazy", [True, False], ids=["bothlazy", "onelazy"])
+    def test_lazy_compares_via_hash(self, bothlazy):
+        def lazify(coord):
+            coord.bounds = coord.lazy_bounds()
+
+        co1 = AuxCoord([15.0, 25.0])
+        co2 = AuxCoord([15.0, 25.001])
+
+        co1.points = co1.lazy_points()
+        if bothlazy:
+            co2.points = co2.lazy_points()
+        assert co1.has_lazy_points()
+        assert co2.has_lazy_points() == bothlazy
+
+        assert not hasattr(co1.core_points(), "_iris_array_hash")
+        if bothlazy:
+            assert not hasattr(co2.core_points(), "_iris_array_hash")
+
+        eq = co1 == co2
+        assert not eq
+
+        assert co1.has_lazy_points()
+        assert hasattr(co1.core_points(), "_iris_array_hash")
+        if bothlazy:
+            assert co2.has_lazy_points()
+            assert hasattr(co2.core_points(), "_iris_array_hash")
diff --git a/lib/iris/util.py b/lib/iris/util.py
index b3ce7941c5..dc6dc58586 100644
--- a/lib/iris/util.py
+++ b/lib/iris/util.py
@@ -509,20 +509,34 @@ def normalise_array(array):
     eq = array1.shape == array2.shape
     if eq:
         if is_lazy_data(array1) or is_lazy_data(array2):
-            # Use a separate map and reduce operation to avoid running out of memory.
-            ndim = array1.ndim
-            indices = tuple(range(ndim))
-            eq = da.blockwise(
-                _masked_array_equal,
-                indices,
-                array1,
-                indices,
-                array2,
-                indices,
-                dtype=bool,
-                meta=np.empty((0,) * ndim, dtype=bool),
-                equal_nan=withnans,
-            ).all()
+            # Compare lazy arrays by hashing, and cache the hashes...
+            def array_hash(array):
+                if hasattr(array, "_iris_array_hash"):
+                    hash = array._iris_array_hash
+                else:
+                    from iris._concatenate import _hash_array
+
+                    hash = _hash_array(array)
+                    if isinstance(array, da.Array):
+                        # Can't save hashes on a numpy array, but CAN on a Dask array
+                        array._iris_array_hash = hash
+                return hash
+
+            eq = array_hash(array1) == array_hash(array2)
+            # # Use a separate map and reduce operation to avoid running out of memory.
+            # ndim = array1.ndim
+            # indices = tuple(range(ndim))
+            # eq = da.blockwise(
+            #     _masked_array_equal,
+            #     indices,
+            #     array1,
+            #     indices,
+            #     array2,
+            #     indices,
+            #     dtype=bool,
+            #     meta=np.empty((0,) * ndim, dtype=bool),
+            #     equal_nan=withnans,
+            # ).all()
         else:
             eq = _masked_array_equal(array1, array2, equal_nan=withnans).all()