There have been reports in New Zealand that Bond was considering retiring and Bracewell admitted here that the career of the 32-year-old Bond, who is missing the limited-overs tour of Australia due to an abdominal problem, was in some jeopardy.
"To be fair, that's been going on now for four or five years," he said of the retirement talk.
"But he keeps coming back and he's a bloody good trainer who works damn hard.
"But eventually its has got to get you down, that sort of stuff, and he is not getting any younger.
"I would discourage it, mainly from a selfish point of view, because he is such an outstanding bowler for us."
The injury-plagued Bond, with 125 one-day scalps at 19.32, has been New Zealand's premier fast bowler for many years.
He was the quickest New Zealander to reach 50 one-day international wickets, but the tale of his career is in his tally of just 17 Tests over seven years, for 79 wickets at 22.39.
Bond has battled stress fractures in his feet and back.
While Bracewell claimed New Zealand's fast bowling stocks were healthy, with some emerging talent coming through, he said Bond was still required.
"It would be nice for some of those guys to bowl with Shane for a while and get that experience rub off on them," he said.
Kiwi captain Daniel Vettori said on Tuesday he would be surprised if Bond retired, but he too admitted the injuries were taking their toll on the paceman.
With Bond resting at home, New Zealand opens their Chappell-Hadlee Trophy tour of Australia with a festival match against the Cricket Australia Chairman's XI here on Friday.
On Tuesday, the Kiwis also play the Australians in a Twenty20 clash at the WACA.
The Australians will be led by Michael Clarke, with skipper Ricky Ponting being rested.
Ponting and Adam Gilchrist missed last year's Chappell-Hadlee Trophy series, but Bracewell dismissed suggestions the Australians did not take the Kiwis seriously.