When the collapse of the Austro-Hungarian Army culminated at the Battle of Vittorio Veneto, the Social Democrat Karl Renner was elected German-Austrian State Chancellor on 30 October.

In the course of the Aster Revolution on 31 October, the newly established Hungarian People's Republic under Minister President Mihály Károlyi declared the real union with Austria terminated.

However, on the territory of the Cisleithanian ("Austrian") half of the former empire, the newly established states of Czechoslovakia, Poland, and the Yugoslav Kingdom of Serbs, Croats and Slovenes (later named Yugoslavia) had been proclaimed.

The new Republic of Austria, consisting of most of the German-speaking Danubian and Alpine provinces in former Cisleithania, recognized the independence of Hungary, Czechoslovakia, Poland, and the Kingdom of Serbs, Croats and Slovenes.

The treaty included 'war reparations' of large sums of money, directed towards the Allies (however the exact amount has never been defined and collected from Austria), as well as provisions for the liquidation of the Austro-Hungarian Bank.

Indeed, U. S. Secretary of State Robert Lansing had effectively ended what slim chance existed for Austria-Hungary to survive the war when he told Vienna that since the Allies were now committed to the Czechs, Slovaks and South Slavs, autonomy for the nationalities–the tenth of the Fourteen Points–was no longer enough.