Peter boarded at the College from 1955 to 1958. His father has also attended the College, Hon James Balfour CBE (OGC 1929), as did his brothers Russell (OGC 1952), David (OGC 1959) and Graeme (OGC 1967). Peter was captain of his football team in 1956 and 1957, and also rowed in the 5^th VIII crew.

Following school Peter returned to the family farm in Gippsland. He joined his brothers running the family dairy farm and also worked in building and construction. Peter married Sandra in 1966 and they have three children. Outside of work, Peter enjoyed outdoor pursuits as well as art and photography and travelled widely both in Australia and overseas.

Peter passed away 25 March 2026, aged 83 years.