In this episode of the iPartners Grow Your Wealth podcast, host Travis Miller sits down with one of Australia’s most influential infrastructure leaders, Tony Shepherd AO, for a wide-ranging discussion on leadership, innovation, risk-taking and nation-building. Drawing on decades of experience across both the public and private sectors, Tony reflects on the projects, mentors and lessons that shaped his remarkable career and offers timeless insights for investors, entrepreneurs and business leaders seeking to create lasting value.
Early Foundations and a Nation of Opportunity: Growing up in post-war Australia, Tony describes a period defined by optimism, hard work and opportunity. Raised in a family that valued education and ambition, he entered public service while studying commerce and was exposed to some of the country’s most exciting defence and technology projects. From working with NASA during the Apollo era to witnessing Australia’s rapid development, those early years instilled a belief that each generation should strive to leave the country better than they found it.
The Power of Mentors and Career Decisions: Throughout his career, Tony deliberately sought out exceptional mentors and leaders. From influential public servants to legendary Transfield founder Franco Belgiorno-Nettis, each mentor helped shape his philosophy on business, leadership and life. He explains that finding the right people to learn from was never left to chance, and whenever he found himself under leadership that no longer aligned with his values, he moved on. Great mentors, he believes, take a genuine interest in both professional growth and personal development.
Creating Australia’s Infrastructure Legacy: Tony recounts pioneering Australia’s first public-private partnership through the Sydney Harbour Tunnel and later helping create transformative projects including Melbourne CityLink, Transurban and numerous major infrastructure assets. While many see only the success that followed, he emphasises the enormous risks involved, from technological uncertainty to construction challenges and financial exposure. The rewards that came later, he notes, were earned through years of pressure, sleepless nights and accepting responsibility when things went wrong.
Risk, Failure and the Importance of Preparation: One of the recurring themes throughout the conversation is that calculated risk is essential for progress. Tony reflects candidly on costly mistakes, including construction issues that resulted in hundreds of millions of dollars in losses. Rather than blaming others, he views these experiences as powerful lessons in preparation. Thorough due diligence, particularly upfront technical studies, long-term financing and proper planning, are investments rather than expenses. In his words, “Do your homework” before pressing the go button.
Problem Solving and Daily Discipline: Success, according to Tony, is rarely glamorous. Every day throughout his career brought significant problems that needed solving, and he developed a simple philosophy that remains with him today. Each morning begins by tackling the task he least wants to do. By confronting difficult conversations and problems immediately rather than postponing them, stress is reduced and progress accelerates. He explains that most problems prove less daunting once action is taken, and leadership often comes down to making decisions rather than avoiding them.
Building Teams and Empowering People: Reflecting on the culture established at Transfield and other organisations, Tony credits great teams rather than individuals for major achievements. Leadership means surrounding yourself with experts, trusting them and ensuring everyone is aligned around a common purpose. More importantly, he believes genuine care for people creates loyalty and extraordinary performance. Whether dealing with senior executives or frontline workers, respect and accessibility are essential. Businesses ultimately succeed because of their people, and leaders should never lose sight of those creating value every day.
Continuous Learning and Intellectual Curiosity: Despite turning 80, Tony’s enthusiasm for learning remains undiminished. He embraces the philosophy of learning something new every day and credits this mindset with keeping both mind and body active. From taking welding courses to understand pipeline construction to immersing himself in artificial intelligence today, he believes leaders do not need to become technical experts but should know enough to ask intelligent questions. Curiosity, humility and lifelong learning continue to be among his greatest competitive advantages.
Leadership Through Culture and Relationships: A defining characteristic of Tony’s leadership philosophy is creating environments where people genuinely enjoy working together. He argues that culture is one of the most important assets any organisation possesses. Strong teams are built on trust, openness and simple human decency. Knowing people by name, taking an interest in their lives and ensuring that everyone feels valued are not soft skills but critical components of long-term success. Great cultures, he says, are often reflected when employees say they genuinely miss coming to work.
Entrepreneurship, Risk and Australia’s Future: Throughout the discussion with Travis Miller on the iPartners Grow Your Wealth podcast, Tony expresses concern that Australia has become increasingly risk-averse. He believes entrepreneurs are the true generators of wealth, employment and innovation, and argues that society should celebrate rather than criticise success. Drawing comparisons with the United States, he highlights the importance of backing ambitious people and accepting that failure is often part of the journey. Progress has always depended on individuals willing to mortgage their homes, take calculated risks and build something meaningful.
Building Long-Term Wealth: While modest about his own investing credentials, Tony shares observations gained from decades around successful businesspeople. The wealthiest individuals he knows are often remarkably disciplined with spending and careful with capital allocation. He advises investing in assets and businesses that are well understood, preserving a strong financial base and avoiding the temptation to overextend. Risk should be sized appropriately, with enough reserves to withstand setbacks. “Making money is hard, spending money is easy,” he observes, emphasising the importance of patience and discipline in building enduring wealth.
Legacy and Living with Purpose: Looking back on an extraordinary career, Tony hopes his legacy will ultimately be measured by the projects that have helped shape modern Australia and the opportunities they created for future generations. Beyond infrastructure, he remains driven by family, learning and contributing to the community. Whether supporting the arts, mentoring others or fostering a family culture through the GWS Giants, his focus has always been on building institutions and relationships that endure. As he reflects with Travis Miller and the iPartners team, the message is clear: hard work, integrity, optimism and a willingness to take risks remain the foundations of meaningful achievement and long-term prosperity.
