This paper explores the attitudes and perceptions of three cohorts of Australian humanities and social science undergraduate students towards peer assessment. It seeks to gain a deeper understanding of local dissatisfaction with peer assessment through an in-depth analysis of students' contributions to focus group discussions. Responding to education theorists' claims that peer and other forms of innovative assessment empower students, the paper concentrates on themes of power evident within students' narratives. The interpretive framework coheres around four interrelated conceptions of power: sovereign, epistemological, disciplinary and structural. Students were found to support the notion of peer assessment as a formative exercise, yet were highly critical of it as a summative practice. Significantly, some of the students' dissatisfaction stemmed from broader changes across the higher education sector more generally. The paper draws attention to the need for this to be taken into account when considering assessment as a technology of power and empowerment.