Administer postgres from PGAdmin on remote mac using ssh tunnel

I've got PostgreSQL installed on a Ubuntu server and I'm trying to connect to
that server using PGAdmin on a remote macbook.

I've created an ssh tunnel -

macbook:~postgres$ ssh -L 5423:localhost:5432 postgres@mydomain.com
And I can connect using psql on the macbook as expected -

macbook:~ me$ psql -U postgres -p 5423 -h localhost
...
postgres=#
In the 'New Server Registration' window on PGAdminIII I'm entering the
following credentials -

Name - MyServer
Host - localhost
Port - 5423
Maintenance DB - postgres
Username - postgres
Password - <remote_postgres_password>
However the connection fails -

Error connecting to the server: FATAL: password authentication failed for
user "postgres"
Not sure what's going on here, these seem to be the same credentials I've
used for psql.

My pg_hba.conf file only has the following lines -

# Database administrative login by Unix domain socket
local   all             postgres                                peer
# "local" is for Unix domain socket connections only
local   all             all                                     peer
# IPv4 local connections:
host    all             all             127.0.0.1/32            md5
# IPv6 local connections:
host    all             all             ::1/128                 md5



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