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An important characteristic of many wetland plants in semi-arid regions is their capacity to withstand fluctuations between extended dry phases and floods. However, anthropogenic river regulation can reduce natural flow variability in riverine wetlands, causing a decline in the frequency and duration of deep flooding as well as extended droughts, and an increase in shallow flooding and soil saturation. Our aim in this paper was to use an experimental approach to examine whether reductions in flooding and drought disadvantage species adapted to both these extremes, and favours those with water requirements that match the new regime of frequent low-level flooding. We compared the growth characteristics and biomass allocation of three native Australian aquatic macrophytes (Pseudoraphis spinescens, Juncus ingens and Typha domingensis), which co-occur at Barmah Forest, south-eastern Australia, under three water treatments: drought, soil saturation and deep flooding. The responses of species to the treatments largely reflected changes in their relative abundance at Barmah Forest since river regulation. Typha domingensis, which has remained uncommon, performed relatively poorly in all treatments, while J. ingens, which has increased its range, exhibited more vigorous growth under soil saturation. Pseudoraphis spinescens, which was once widespread but has declined markedly in its distribution, grew strongly under all water treatments. These findings suggest that a return to more natural, variable river flow regimes can potentially be an important conservation and restoration strategy in ecosystems characterised by species that have adaptations to extreme hydrological growing conditions.