.pgpass being ignored

I am trying to write a script that will create and populate a
database. I don't want to enter a password every time so I want to
use a .pgpass file. It has the correct permissions:

$ ls -l $PGPASSFILE
-rw------- 1 Stephen staff 43 21 Jun 14:48 /Users/Stephen/.pgpass

However, when I call createdb, it fails:

$ createdb -h 192.168.1.4 -U postgres --no-password JobSearch
createdb: could not connect to database postgres: fe_sendauth: no
password supplied

This is the contents of my .pgpass file:

192.168.1.4:5432:DatabaseName:postgres:thisIsTheCorrectPassword

If I omit the --no-password option it will prompt me for a password
and the command will succeed. I am using 9.0.10 from MacPorts.

What am I doing wrong?

...Stephen