Reigning champions New Zealand have been pitted against South Africa and Italy in Pool B, while England have France and Argentina for company in their five-team group.
The Wallabies, meanwhile, will go up against Wales and Georgia, as well as qualifiers from Oceania and the Americas, in Pool D.
But Cheika would not get carried away with what appears on paper to be a better draw, suggesting any hint of complacency could well prove Australia's downfall in Japan.
"When you're standing out there and singing the anthem, 0-0 all bets off," said Cheika.