From 1982 to 1990 Cowen was Provost of Oriel College, Oxford. After his retirement he returned to Australia and became active in Jewish community affairs in Melbourne. He also pursued a range of other interests, including serving for five years on the board of Fairfax Newspapers (three of them as Chairman) during a turbulent period for the company; and being patron of St Kilda Football Club. During the lead-up to the 1999 Australian republic referendum, he supported a moderate republican position.