The veteran of 71 tests, who has been playing in Japan since the last World Cup, will be Australia's fourth starting flyhalf in eight tests this season after Quade Cooper (34), James O'Connor (32) and Lolesio.
Foley has played 15 tests against the All Blacks, winning two, drawing one and losing the rest.
"I think you definitely look at the games and we had some great battles, had a couple of great wins and tight losses that really stung but that's just part of the journey," he told reporters on Tuesday.
"You always wished you can get one more crack, one more taste, so for me to be back here is just making the most of it."
Australia have not held the Bledisloe Cup for nearly two decades and Foley is too long in the tooth to start engaging in any trash talk ahead of the match in Melbourne.
That said, he has been impressed by the Wallabies squad in his brief time in camp.
"I think they're fearless," Foley said. "There's so much ability and potential with this group. A lot of them are just learning their ways and it's great to be a part of.
"(But the All Blacks) are a world class side, they've got the mentality, they've got the ability. It's all against us but we're really looking forward to the challenge."
Foley comes in after Lolesio and centre Hunter Paisami (24) both suffered head knocks in the 24-8 loss to South Africa in Sydney in the last round of the championship, which left Australia with three wins in seven matches this year.
Coach Dave Rennie, as so often this year, was left looking on the bright side of a selection forced upon him.
"We would've liked to stick with (Lolesio) but it's fantastic to have Bernard as an option," he said.
"He's done really well, he's got his head around things quickly. He's fitted in really well with his experience and voice. It's been a good transition and he's ready to go."
Lalakai Foketi (27) will win his third cap at inside centre in place of Paisami in another of the eight changes to the starting lineup that Rennie put out for the two tests against the Springboks.
In other tweaks to the backline, Andrew Kellaway (26) will play at fullback and Jake Gordon (29) has earned his first start at scrumhalf of the season in place of Nic White.
Rory Arnold (32) is unavailable for both Thursday's match and the return game in Auckland next week as he awaits the birth of his first child, so Jed Holloway (29) shifts from the back row to lock alongside Matt Phillip (28).
Rob Leota (25) and Pete Samu (30) move up from the bench to start as blindside and openside flankers respectively with Fraser McReight (23), who struggled against the Springboks at the breakdown, named among the replacements.
Taniela Tupou (26) has not recovered from a calf injury sustained in the warm-up before Australia's last outing so Pone Fa'amausili (25) will provide backup for tighthead prop Allan Alaalatoa (28).
Another change among the front row forwards sees Dave Porecki (29) starting at hooker in place of Folau Fainga'a (27), who appears to have paid the price for his sometimes inaccurate lineout throwing.
All four teams can still win the tightest Rugby Championship for many years but Australia will be out of the running if they cannot at least take a losing bonus point at Docklands Stadium in the penultimate round.
Any defeat would also end Australian hopes of wresting the Bledisloe Cup out of New Zealand hands for the first time in two decades.
Team: 15-Andrew Kellaway, 14-Tom Wright, 13-Len Ikitau, 12-Lalakai Foketi, 11-Marika Koroibete, 10-Bernard Foley, 9-Jake Gordon, 8-Rob Valetini, 7-Pete Samu, 6-Rob Leota, 5-Matt Philip, 4-Jed Holloway, 3-Allan Alaalatoa, 2-Dave Porecki, 1-James Slipper (captain)
Replacements: 16-Folau Fainga'a, 17-Scott Sio, 18-Pone Fa'amausili, 19-Darcy Swain, 20-Fraser McReight, 21-Nic White, 22-Reece Hodge, 23-Jordan Petaia
