On 28 August 1998 the Treasurer referred the impact of competition policy reforms on rural and regional Australia for inquiry and report within 12 months of receiving the reference. The Commission was to assess the impact (both transitional and ongoing) of the competition policy and related reforms introduced by the Commonwealth, State, Territory and local governments under the three intergovernmental agreements signed in April 1995 - the Competition Principles Agreement, the Conduct Code Agreement and the Agreement to Implement the National Competition Policy and Related Reforms.