Geological and geochemical data from the Coolac Serpentinite Belt, North Mooney Complex and Honeysuckle Beds in southern New South Wales indicate that the association represents a partially dismembered ophiolite suite. All the ideal ophiolite units are present, although the sheeted dyke unit is apparently of limited extent. Major and trace element (including rare‐earth) results, relationships of mafic volcanics and dolerite to massive and layered gabbroic and ultramafic intrusives, the occurrence of tectonised harzburgite with podiform chromitite, and the nature of pyritic sulphide occurrences, are consistent with a marginal sea or back‐arc environment for the generation of the ophiolite suite.