As Vice-President of the Executive Council, in 1975, Stewart presided over the meeting that revoked Rex Connor's authority to raise overseas funds.

The Sydney Morning Herald later published allegations that he was so concerned about Connor dealings with Tirath Khemlani as to have leaked information to the opposition on the Loans Affair.

He died in Long Jetty, New South Wales, of a heart attack while playing squash and was survived by his wife, five daughters and one son.

[2] Kevin Stewart (1928–2006), Health Minister in the New South Wales government led by Neville Wran, was Frank's younger brother.

As Minister for Tourism and Recreation, in 1974 Stewart appointed a study group to report on the feasibility of establishing an Australian sports institute.