Veteran backs Matt Giteau, Drew Mitchell, Adam Ashley-Cooper, Will Genia and Quade Cooper were all brought back into the side having played a pivotal role in Australia's run to last year's Rugby World Cup final.
The quintet were sorely missed in Australia's 3-0 series whitewash by England in June.
Giteau, Mitchell, Ashley-Cooper and Genia all still play in France, though Cooper has recently cut ties with Toulon and is moving back to Australia for the 2017 Super Rugby season.
Cheika also named four uncapped players in the squad, who will defend their Rugby Championship title and look to regain the Bledisloe Cup from world champions New Zealand.
The All Blacks have held the symbol of trans-Tasman supremacy since 2003.
Last year's Rugby Championship, which also includes South Africa and Argentina, was shortened to just one round of matches due to the World Cup at the end of the year.
The Wallabies open this year's tournament by hosting the All Blacks in Sydney on Aug. 20, before travelling across the Tasman for their second clash in New Zealand's capital, Wellington, a week later.
Squad
Forwards - Allan Ala'alatoa*, Adam Coleman, Kane Douglas, Scott Fardy, James Hanson, Michael Hooper, Rob Horne, Sekope Kepu, Ben McCalman, Sean McMahon, Stephen Moore (captain), Dean Mumm, David Pocock, Tatafu Polota-Nau, Tom Robertson*, Rob Simmons, Scott Sio, Will Skelton, James Slipper, Lopeti Timani*
Backs - Adam Ashley-Cooper, Quade Cooper, Israel Folau, Bernard Foley, Will Genia, Matt Giteau, Dane Haylett-Petty, Reece Hodge* Samu Kerevi, Tevita Kuridrani, Drew Mitchell, Nick Phipps, Matt Toomua
* denotes uncapped player
(Reporting by Greg Stutchbury in Wellington; Editing by Patrick Johnston)
