Water is a point of friction on the Indian subcontinent and fears of looming ‘water wars’ are growing. One factor compounding such fears is the presence of a hydro-hegemon; India. Power asymmetry between riparians, however, does not necessarily lead to violent conflict (even though it can create inequitable outcomes). Indeed, the presence of a hydro-hegemon serves as a stabilising factor. This is currently the case in South Asia. Understanding the flows of power in transboundary water interactions in the region is of consequence to Australia’s increasing involvement in the hydropolitics there.