Lubricating oils useful as gear oils, circulating oils, compressor oils and in other applications characterized by and excellent balance of anti-wear and anti-rust characteristics are based on high quality base stocks including a major portion of a hydrocarbon base fluid such as a PAO with a secondary base stock component which is preferably a long chain alkylated aromatic, such as an alkylnaphthalene. A synergistic combination of additives comprising an adduct of a substituted triazole such as benzotriazole or a substituted benzotriazole, e.g. tolyltriazole (TTZ) with an amine phosphate and a trihydrocarbyl phosphate such as cresyl diphenylphosphate (CDP), confers the desired balance of anti-wear and anti-rust properties. In addition, the present oils typically include an anti-oxidant component and a rust inhibitor together with other optional additive components.