The 1960s

During the mid-1900s the structure of AMP evolved. The head office and principal board continued to be based in Sydney, but as a truly national organisation, AMP was also quite decentralised, with offices throughout Australia and New Zealand (as well as the London Office) and with each state having its own board making decisions at a local level. 

It had been necessary to have state boards in such a vast country that lacked the technology to travel long distances quickly. However, this began to change in the late 1950s as advances were made in transport and technology. Consequently, for the first time AMP appointed a member to the principal board that did not reside in Sydney, the Victorian Board chairman Geoffrey Grimwade. In 1959, the number of board positions expanded to thirteen to allow for each state and New Zealand to have one representative (Blainey, 1999). AMP General Manager Monty Buttfield retired and was replaced by New Zealander Howard “Buster” Walker who had joined AMP in 1921 at the age of 16.

Howard Walker was well liked and respected. He was a strong proponent of AMP becoming more heavily involved in investing its capital in shares and the Society soon became a shareholder in many successful Australian companies, although strict caps were applied, and AMP could not hold more than 5% of the capital in any single company. However, this cap was quickly reached and somewhat relaxed by the early 1960s. By the mid-1960s AMP began to offer its policyholders the choice of an increasingly wide range of investments including shares. 

Adding to its portfolio of products, in 1961 AMP launched another new and innovative product, its first superannuation scheme for the self-employed. This was a game changer for many Australians, who as self-employed workers, had not had access to the same type of superannuation products.    

In 1966 Keith Steel replaced the recently retired Howard Walker as general manager. Like so many before him, Steel had joined AMP as a teenager, starting as a junior clerk and working his way up the ranks. Chairman during much of Steel’s tenure as general manager was Sir Vincent Fairfax, who was the fourth generation of his family to be associated with the board of AMP. The Fairfax name was well known across Australian and Sir Vincent Fairfax’s high profile was very helpful in promoting AMP during the 26 years he served on the board.  

Until the mid-1900s AMP had thought little about advertising. The Society thought its products and reputation spoke for themselves and very little advertising was produced apart from a small amount in rural and regional radio and newspapers. This began to change in the 1960s. In 1961 AMP experimented with television advertising and produced its first television commercials. AMP also invested more in print advertising and during this time produced many of its most successful advertising products and campaigns, many of which were aimed at 'the family man' who wanted to provide for his wife and children.