An aqueous hydraulic fluid composition comprising a first lubricant comprising at least one phospholipid and a second lubricant comprising an alkoxylate salt. The aqueous hydraulic fluid composition contains less than about 20% by weight (preferably none or substantially none) of an oil selected from the group consisting of mineral oils, synthetic hydrocarbon oils, and mixtures thereof. The use of alkoxylate salts provides increased lubricity and also acts as an emulsion stabilizer for the composition.