This 1993 report, widely known as the 'Hilmer report', prompted Australia's landmark microeconomic reform program.
A key principle of the program was that competitive markets will generally best serve the interests of consumers and the wider community.
Spanning 1995-2005 the National Competition Policy is considered to have contributed significantly to Australia’s welfare.
Governments' progress with implementation was oversighted by the National Competition Council. The National Competition Council, a body responsible to all of Australia's governments, assessed reform progress in 1997, 1999 and then annually between 2001 and 2005. The National Competition Council also conducted supplementary and deferred assessments on particular issues. Australia's National Reform Agenda is the successor program to the National Competition Policy.
The Council of Australian Governments — the peak intergovernmental forum in Australia — first established and implemented the National Competition Policy following the tabling of this report.
The report was authored by the National Competition Policy Review Committee, and independent committee of inquiry established by the then Prime Minister, Paul Keating. The Committee chaired by Professer Frederick G. Hilmer, and included Mark R. Rayner and Geoffrey Q. Taperell as members.