PT-symmetric quantum theory was originally proposed with the aim of extending standard quantum theory by relaxing the Hermiticity constraint on Hamiltonians. However, no such extension has been formulated that consistently describes states, transformations, measurements and composition, which is a requirement for any physical theory. We aim to answer the question of whether a consistent physical theory with PT-symmetric observables extends the standard quantum theory. We answer this question within the framework of general probabilistic theories, which is the most general framework for physical theories. We construct the set of states of a system that result from imposing PT-symmetry on the set of observables and show that the resulting theory allows only one trivial state. We next consider the constraint of quasi-Hermiticity on observables, which guarantees the unitarity of evolution under a Hamiltonian with unbroken PT-symmetry. We show that the resultant theory in this setting has equivalent features to standard quantum theory. Finally, we show that if all observables are quasi-Hermitian as well as PT-symmetric, then the resultant theory has equivalent features to real quantum theory. Thus our results show that neither PT-symmetry nor quasi-Hermiticity constraints are sufficient to extend standard quantum theory consistently.