 Fraser was a backbencher during the government of Walter Nash before spending 12 years in opposition.During these years he was a trustee of the Otago Savings Bank from 1959 to 1973 and president of the Associated Trustee Banks from 1973 to 1976.He was a Cabinet Minister, serving as Minister of Housing from 1972 to 1974 before being appointed Minister of Defence from 1974 to 1975 in the Third Labour Government.