After three decades of prosperity and relative peace, Australia suddenly confronts a trifecta of crises: a pandemic, a recession, and a radically changed strategic outlook. In these circumstances, Australia must adapt quickly, always putting its interests first and being prepared to lead when necessary. Notwithstanding China’s growing assertiveness and doubts about US pre-eminence, Canberra can still ride two horses simultaneously. While it is clear that our interests, values and friendships are overwhelmingly pro-American, this does not mean that we cannot trade and interact with China. How Australia manages technology and innovation will help us manage Sino-American relations in the next decade.