Before Bernie Fraser retired as Governor of the Reserve Bank of Australia in 1996, taxi drivers would ask him about interest rates and exchange rates. Now they ask him about superannuation.
Indeed, for many Australians, Fraser has become the face of industry fund superannuation, ever since he started fronting the advertising campaign for five of the largest industry funds in September 1998.
Those nominating Fraser believe that through his enhanced public image, he has managed to interest young people, as well as “every man and his dog”, in super.
“As the public face of industry super, Fraser is clearly influential at the grass roots level of our community,” says one nominator. “At the same time, as a trustee of some of the largest industry funds in Australia, he continues to influence the direction of the savings of millions of Australians.”
Fraser is a trustee and independent director of the Australian Retirement Fund, the Construction and Building Industries Superannuation Fund and the Superannuation Trust of Australia. He is also the chair of Members Equity and sits on the boards of the Queensland Treasury Corporation and the Government Superannuation Office of Victoria.
Fraser views his biggest challenge as “trying to increase the level of contributions that are made to superannuation”. He believes that the nine per cent SG level, which kicks in next year, is clearly not enough to provide for a comfortable retirement and would like to see this raised. And, he also hopes to see industry funds work more closely together than they do at present.
When he is not involved in super, Fraser breeds racehorses on his Queanbeyan farm near Canberra.
After 12 months as a breeder, he has already had three winners. But even if this business grows dramatically, he says superannuation will remain his priority.
