In this paper we explore hybridity in Australian natural resource governance, both ‘inside’ and ‘outside’ of neoliberalism. We develop an understanding of this governance regime as an assemblage of subjects, ethics, ends and techniques that constitute a hybrid of practices directed by three mentalities of government: neoliberalism, localism and ecocentrism. This three-way parentage engenders particularly complex internal dynamics – tensions and congruencies, grounds for contest and opportunities for collaboration – that shape and transform the regime. Our analysis clarifies the formative roles of the three logics and in so doing offers a new perspective of tripartite governance dynamics. We conclude by showing how the co-existing mentalities compete to establish NRM policy that is in accord with their respective ends and ethics, subjectify problems and other actors to fit with their own agendas, and attempt to secure primacy for those technologies congruent with their logics. At the same time, as mutually constitutive forces of the regime, they exhibit varying degrees of adaptivity as they co-opt or accommodate technologies favoured by their competitors.