Much of the recent Australian security studies literature has focused on contemporary challenges to Australia's role in Asia, the evolving trajectory of defence strategy, and the various factors that have shaped the nation's 'discourse of threats'. While this body of work is important and valuable, there is a distinct lack of scholarship that discusses the types of future security threats likely to confront Australian policy makers in the twentyfirst century. Indeed, there is a tendency among scholars to assume that this sort of 'futures' work is best left to those outside the academy. I argue, however, that it is an area which is too important to leave to the authors of defence White Papers, think tank reports, and classified strategic assessments. Australia's future security environment in a complex international system has not been subject to the sort of systematic scholarly analysis the topic merits. This article seeks to provide a stepping stone for more substantial work in the area and outlines a conceptual framework that can aid us in understanding the factors likely to impact on Australia's security environment in the early part of the twenty-first century.