One of the mysteries in contemporary world politics is why in recent years Australia has been leading the world in its hawkish approach to China, its largest trading partner. More than most of its allies, the Australian government seems to regard the China emergencyfuelled by threat perceptions ranging from foreign influence operations to economic coercionas more pressing than, say, climate change. This article extends and supplants existing explanations of this puzzle by providing a more theoretically oriented account. Situating Australia's China emergency in the context of its ontological (in)security, this article traces the rise of such insecurities and Australia's responses through the conceptual frameworks of state transformation and neoliberal governmentality, which together offer a more socially and historically grounded account of the dynamics of ontological (in)security. The article argues that the China emergency narrative, as a specific routinised form of neoliberal governmentality, both helps sustain Australia's dominant identity construction as a free, democratic, and resilient state, and provides a raison d'être for the national security state that has become part and parcel of the evolving techniques of neoliberal governmentality.The past few years have seen Australia gripped by a China threat emergency (hereafter referred to as the "China emergency"). Alarm bells have been constantly ringing over the purported danger of both a "silent invasion" by insidious and ubiquitous "Chinese influence" in the Australian body politic, 1 and Beijing's "grey-zone warfare" tactics including economic coercion and exploitation of Australia's domestic division. 2 The authors wish to thank Mark Beeson, James Laurenceson, David Walker, Jade Jia, and an anonymous reviewer for their helpful and constructive comments and feedback on earlier versions of this article. The usual disclaimers apply.