This paper examines the extent to which the Uruguay Round's implementation and other policy reforms are likely to alter the fortunes of Australasian and other farmers. It finds that, compared with other structural adjustment pressures, the Uruguay Round per se is likely to have a positive but relatively minor effect. Nonetheless, the net gains are likely to be very substantial relative to the efforts expended by the Cairns Group to ensure agricultural reform remained in the final agreement of the Round. Those gains will be larger the more the Cairns Group remains vigilant in ensuring (a) that the promised cuts in protection are actually implemented, (b) that the reforms are not accompanied by the imposition of compensating support policies and (c) that further cuts are delivered in the next round of negotiations to begin in 1999.