Born in Brisbane, Fanning joined the band Powderfinger after finishing high school in 1989. He was asked to join by singer and guitar player Ian Haug. He had met Haug while studying journalism at the University of Queensland. He also appeared in the movie Ned Kelly which starred Heath Ledger. Fanning has a small role as a musician in the hotel. He also wrote several songs for the movie, including the title song, "Shelter for My Soul."