Australia's history as a settler colony within the British Empire fundamentally shapes its sense of security within the Indo‐Pacific region. Australia has consistently looked outside of its region for security and sought partners on the explicit basis of political, cultural, and ethnic similarity. What role does Australia's history play in shaping its foreign policy? We argue that these choices in foreign policy are inextricable from Australia's history as a settler colony on the farthest reaches of the British Empire. The AUKUS Agreement (AUKUS) is an example of how Australia operates to preserve racial hegemony in the face of non‐white threat — real or perceived. This research utilises critical discourse analysis to interrogate elite‐level discourse around AUKUS to ascertain the dominant narratives that inform its creation, the issues it seeks to address in Australian security policy, how it is structured by historical narratives of security, and how it functions to structure those narratives going forward. This article seeks to participate in the growing push to decolonise International Relations by illuminating the way Australia is ontologically and epistemologically invested in the preservation of racial hegemony.