In this episode of the iPartners Grow Your Wealth podcast, host Travis Miller sits down with seasoned economist Ivan Colhoun to explore a career spanning the Reserve Bank of Australia, Deutsche Bank, Qantas and National Australia Bank. Drawing on decades of experience analysing markets and advising institutional clients, Ivan shares the lessons that shaped his career, his views on navigating economic uncertainty and the principles that underpin long-term wealth creation.
Early Foundations and the Move to Economics: Ivan reflects on his family’s journey from Ireland to Tasmania and the opportunities that Australia provided. Proud of his Tasmanian roots, he pursued economics with honours before beginning his career at the Reserve Bank of Australia. He describes the Reserve Bank as a finishing school for economists, where attention to detail, analytical discipline and a strong grounding in economic data became the foundation of his professional approach.
Developing an Economist’s Mindset: Throughout his career, Ivan learned the importance of trusting data rather than forcing evidence to fit preconceived opinions. He explains that some of the most valuable indicators are often the simplest, including job advertisements and business surveys, which provide timely insights into economic momentum. Rather than relying solely on complex models, he developed a practical approach that combines quantitative analysis with conversations with businesses and customers to understand what is happening beneath the surface.
The Power of Mentors and Lifelong Learning: Ivan credits much of his development to influential mentors who shaped both his technical skills and his approach to client service. Working alongside respected economists and market practitioners taught him that expertise alone is insufficient without the ability to communicate effectively and serve clients exceptionally well. Their emphasis on professionalism, preparation and enthusiasm left a lasting impression and reinforced the importance of learning from those who have already travelled the path.
Making Contrarian Calls with Conviction: Several defining moments in Ivan’s career came from challenging consensus views. One of his most significant forecasts involved correctly predicting a sharp fall in inflation during the early 1990s after identifying how interest rates influenced the CPI. Later, during the lead-up to the Global Financial Crisis, he rejected the popular belief that China could offset a US recession and recognised the global implications of weakness in the American housing market. These experiences reinforced his belief that successful forecasting requires intellectual independence and the confidence to trust the evidence.
Customer Service as a Competitive Advantage: Across decades in banking and markets, Ivan developed three guiding principles that shaped his work. The first was to help customers make money. The second was to make their lives easier through practical insights and useful information. The third was recognising that genuine opportunities often arise by going against the crowd. He believes research is frequently undervalued relative to sales, despite the fact that trust and relationships built through expertise often create enduring value for institutions and clients alike.
Lessons from Career Challenges and Redundancies: Not every chapter of Ivan’s career was straightforward. He candidly discusses periods of redundancy and acknowledges that office politics never came naturally to him. Rather than focusing on internal relationships, he concentrated heavily on customers and delivering value. Looking back, he believes understanding organisational dynamics is important, but remains proud that clients continued to seek his advice long after his formal roles ended. For him, trust built over decades is one of the most meaningful measures of professional success.
Advice for Entrepreneurs and Business Owners: Speaking to the many entrepreneurs and investors who follow the iPartners Grow Your Wealth podcast, Ivan emphasises the importance of pursuing businesses that align with personal interests and passions. He cautions against optimistic business cases that simply extrapolate current trends without considering economic cycles. Customer service, sound financial foundations and strong banking relationships are essential ingredients for sustainable success. He also warns against chasing fashionable trends, observing that enthusiasm often peaks at precisely the wrong time.
The Importance of Backing Yourself: Reflecting on his younger years, Ivan draws parallels between cricket and life. He believes he spent too much time worrying about failure rather than playing aggressively and backing his own abilities. His advice to younger professionals is simple: trust yourself more, leave environments where respect is lacking and align yourself with leaders you admire. Making a boss look good and working with people you respect are principles that create far greater satisfaction over the long term.
Building Wealth Through Discipline and Advice: Ivan believes wealth creation requires deliberate effort rather than passive hope. Investors must devote time to understanding their finances and seek professional advice rather than attempting to navigate everything themselves. Comparing financial planning to surgery or dentistry, he notes that expertise matters. He advocates maintaining meaningful exposure to growth assets such as shares and property, understanding taxation and superannuation structures and taking advantage of opportunities created by periods of fear and uncertainty. Panic, in his view, often creates the best opportunities for disciplined investors.
Avoiding Common Investment Mistakes: One of the greatest dangers for investors is allowing emotions to dictate decisions. Ivan observes that many people sell quality assets during market downturns and become enthusiastic about fashionable investments only after prices have already risen. Successful wealth creation often involves doing the opposite. By focusing on high-quality assets, maintaining a long-term perspective and understanding the tax implications of investment decisions, investors place themselves in a stronger position to compound wealth over time. These principles align closely with the philosophy championed by iPartners and discussed regularly by Travis Miller throughout the Grow Your Wealth podcast.
Balancing Success Beyond Work: Away from economics and financial markets, Ivan has embraced pursuits that provide balance and fulfilment. From raising two daughters to cultivating Pinot Noir grapes with friends in Tasmania, he values experiences that bring joy and perspective. Golf, cricket, football and lifelong learning continue to occupy his time, while his passion for wine has evolved into a small commercial venture. These interests serve as a reminder that success extends beyond professional achievements and financial outcomes.
Final Thoughts: Ultimately, Ivan Colhoun’s journey highlights the value of curiosity, independent thinking and long-term relationships. From forecasting major economic turning points to helping clients navigate uncertainty, his career demonstrates that enduring success comes from serving others, remaining intellectually honest and continuing to learn. In this insightful episode of the iPartners Grow Your Wealth podcast, Travis Miller uncovers timeless lessons on economics, investing and life that remind investors that wealth is built through patience, discipline and the willingness to think differently when opportunities emerge.
