Understanding how voters position themselves on the left-right scale is essential to how citizens navigate political space and make their voting choices in spatial theories of voting, and it also underpins how political scientists study voters’ ideologies. This study uses Australian Election Study data (1996-2025) to show that Australian voters’ political economic beliefs towards trade unions and attitudes on race-related issues have fundamentally redefined the meaning of left-right ideology in the Australian electorate. In 1996, left-right ideological self-placement was only differentiated by economic beliefs, and has had its explanatory power attenuated in the years since. Racial ideology did not differentiate left-right ideological position in 1996, but racial ideology has become increasingly more explanatory of left-right self-placement just as the explanatory power of economic ideology has waned. The latent ideological dimensions that underscore left-right self-placement help to explain voter (re)alignment following the 2025 election, since voters’ conception of left-right political competition is in a process of transition, switching its locus in political space from economic issues to race-related issues. This study’s main contribution is the identification of racial ideology as the ideological component that increasingly underlies the political space that voters and parties must navigate. The corollary for the Australian party system is that party competition along a race-related dimension of ideology is viable, and parties like One Nation can exploit it. This finding challenges the central implication from the Aitkin (1977) model of Australian electoral politics: the assumption of party system stability. The chief function of the study is to suggest the possibility, and desirability, of an alternative to the most accepted vision in Australian election studies. The secondary functions of the study are to, first, identify how the Aitkin model faltered by suggesting an etiology for the reconstruction of Australian political space around racial politics and, second, suggest how racial ideology’s remaking of Australian politics has several profound consequences for party competition.