For years educators have advocated for student voice as an emancipatory project with the potential of addressing the inequalities of schooling and beyond. However, against a burgeoning education practice and policy concern for student wellbeing, student voice practice in schools may privilege an inward rather than outward gaze, curtailing the likelihood of transformative action. In this article I examine the enactment of a student voice initiative with a wellbeing focus in a Melbourne primary school. Methodologically, I take a case-study approach, drawing on fieldnotes, interviews with school staff, and student focus group data. I draw on the concepts of 'emotional capital' and 'feeling rules' to illustrate the way that the affective aspects of inequality were (re)produced. I argue that student voice practice when focused on wellbeing warrants particular attention as, rather than addressing inequalities, student voice practice may generate further advantage for those whom the system of education serves best.