He defeated Benita Ferrero-Waldner, foreign minister in the ruling conservative coalition led by the Austrian People's Party (ÖVP).

Fischer's campaign praised their candidate's experience as President of the Parliament, his expertise in constitutional law, and his proven ability to negotiate compromises.

Ferrero's campaign suggested that as a dedicated socialist Fischer might not always show the neutrality required from a Federal President.

Ferrero's campaign pointed to her international connections, her language abilities (English, French, Italian, Spanish), and her performance as foreign minister during the period of the European Union sanctions against Austria.

In this election, however, many conservative voters stayed at home, and this (together with Fischer's high personal popularity) was the reason for the lower number of votes for Ferrero.