River regulation has led to a decline in the condition of Australia’s dominant riverine tree species, Eucalyptus camaldulensis Dehnh., in the Murray–Darling Basin. A quantitative method of assessing the condition of these important riparian forests is required for effective monitoring and management. A range of stand structural, morphological and physiological variables was measured in stands of contrasting condition along the Murray River in south-eastern Australia. Percentage live basal area, plant area index and crown vigour were found to be reliable, objective indicators of stand condition. Little difference was detected in the physiological performance of trees in terms of water potential and chlorophyll fluorescence among stands of good and poor condition.