Soil seed banks can play an important role in the regeneration of wetland vegetation. However, their potential role in the restoration of degraded wetland forests is less certain. I surveyed the soil seed bank and extant floras of four sites across a eucalypt wetland forest of variable vegetation condition. At each site, the extant vegetation was surveyed within two 5 × 5 m2 quadrats, each from which five composite soil seed bank samples were collected. Across the four sites, 57 (including 18 exotic) species were identified in the extant vegetation, while from the seed bank samples 6379 seedlings emerged from 80 taxa, 33 of which were exotic species. The soil seed bank was dominated by native and exotic monocots, and contained very few seeds of wetland tree or shrub species. Overall, the similarity between the extant and seed bank floras was very low (~24 %). Soil seed banks are likely to be of limited use in the restoration of degraded wetland forests, because the dominant species in such systems—woody and clonal plants—are typically absent from the soil seed bank. Wetland soil seed banks may contribute to the maintenance and diversity of understorey vegetation, however, they may also act as a source of exotic plant invasions, particularly when a wetland is degraded.