In 1978, the Fraser government instigated the Campbell Committee to investigate financial system reforms. Howard supported the Campbell report, but adopted an incremental approach with Cabinet, as there was wide opposition to deregulation within the government and the treasury. The process of reform began before the committee reported 2½ years later, with the introduction of the tender system for the sale of Treasury notes in 1979, and Treasury bonds in 1982. Ian Macfarlane described these reforms as "second only in importance to the float of the Australian dollar in 1983. " In 1981, Howard proposed a broad-based indirect tax with compensatory cuts in personal rates; however, cabinet rejected it citing both inflationary and political reasons. After the free-marketeers or "drys" of the Liberals challenged the protectionist policies of Minister for Industry and Commerce Phillip Lynch, they shifted their loyalties to Howard. Following an unsuccessful leadership challenge by Andrew Peacock to unseat Fraser as prime minister, Howard was elected deputy leader of the Liberal Party in April 1982. His election depended largely on the support of the "drys", and he became the party's champion of the growing free-market lobby.