Fraser finds more time for his horses

Bernie Fraser, the public face of industry super funds, has begun cutting back his public roles and will step down from the boards of the large industry funds AustralianSuper and Cbus at the end of June.

Mr Fraser, 70, is probably known better for his monotone voicing of the phrase "the super of the future" than his seven-year tenure as Reserve Bank governor - it the catch-cry of a 2005 television campaign in which he touted the benefits of belonging to a not-for-profit super fund.

"People recognise me or recognise the voice, and this leads to a discussion about super," Mr Fraser told BusinessDay from his farm near Canberra yesterday. "And that's the whole purpose of the ads."

Mr Fraser has been an independent director of the $32 billion AustralianSuper and its predecessor funds since 1996. He has been on the board of Cbus for more than 15 years.

Much still needs to be done in the industry, he says, including raising the super guarantee from 9 per cent to 12 per cent. This should have been "done years ago", he says.

Given the time spent on both boards Mr Fraser says he "can't really add much more value".

The Minister for Financial Services and Superannuation, Bill Shorten, says Mr Fraser will be missed from both funds.

"Bernie has played an important role in educating Australians about the need for more money in retirement and has been an unceasing advocate for a decent superannuation nest egg for all of us," said

Mr Shorten.

Mr Fraser will stay as chairman of ME Bank and is overseeing a government investigation into bank account number portability.

A part-time horse trainer, he oversees 15 horses on his Queanbeyan farm. "I have had a couple of wins lately," he said.