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The yachts were hit by gale force winds and mountainous waves shortly after they set sail from Sydney, causing three times the number of fatalities previously recorded in the 54-year history of the event.

Hugo van Kretschmar, commodore of the Cruising Yacht Club of Australia (CYCA) which organises the Sydney-Hobart race, said that the inquiry would cover all aspects of the race, including issues such as yacht design and the structure of life rafts.

He said it would take on board suggestions made by the rescue services, and will report back before the 1999 event.

Hugo van Kretschmar - findings of the inquiry to be incorporated in all CYCA races

The inquiry will be headed by former CYCA commodore, Peter Bush, who said that his first job would be to establish the frame of reference for the investigation, and to gather detailed information from competitors on the conditions and actions they took.

He indicated that there will also be a thorough review of safety equipment, practices and reporting procedures. Mr Bush further indicated that the Australian Maritime Safety Authority (AMSA) has agreed to assist in the review.

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Mr van Kretschmar confirmed that the findings of Mr Bush's committee will be incorporated into not only the future Sydney-Hobart races, but all future long ocean races conducted by the Club.

An investigation into the deaths will also be conducted by the New South Wales state coroner, with whom the CYCA will fully co-operate.

The race will carry on

Mr van Kretschmar said that "the race is an Australian icon," and it will carry on despite this year's tragedies.

"Some may decide it's too risky, but I do not think it will have a significant impact on entries," ha said.

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Mr van Kretschmar also said it was "nonsensical" to suggest that race organisers could have foreseen the severity of the storm and delayed the start of the race on Saturday.

CYCA officials pointed out that Rule 4 of international ocean racing said "a boat (skipper) is solely responsible for deciding whether or not to start or to continue racing", an argument echoed by Ross McDonald, a crewman from the stricken yacht Wild Thing.

"You enter a race at your own risk," he said. "You're free to pull out any time you feel it's too much for you."