Abstract This paper looks at the apparent contradiction of a transnational capitalist class (TCC) within the Australian nation state. It first asks whether such a class does indeed exist, and if so what its relationship is to the Australian capitalist class (ACC). Is their relationship comfy, cooperative, or conflictual? The test for these likely scenarios is material that comes from a longitudinal study of interlocking directors and major shareholders (drawn from the top 30 companies listed on the Australian Stock Exchange (ASX) from 1992-2007 and 300 top Australian companies listed on the Huntley's 2007 shareholder database) plus interviews with top 30 company directors over a 15-year period, from 1992-2007.