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Over the past 15 years, international climate policy and governance practice have shifted from a linear model of carbon emissions management to a circular model. Whereas the former primarily focused on reducing absolute emissions, the latter focuses on balancing emissions sources and sinks. Australia, a major global exporter of 'old' carbon resources such as coal, has actively embraced circular carbon policies and their related 'new' carbon resources such as carbon credits. Focusing on Australia's Northern Territory as a site of old and new carbon economies, where government administrators have actively sought to host carbon circulations and loops, this paper examines three interlinked cases to illustrate the interdependencies generated through circular carbon policies. Identifying how sources, sinks, and the mediation of relations between them all constitute key contemporary carbon frontiers, we conclude by calling for a research agenda that analyses 'old' and 'new' carbon economies as a co‐produced assemblage rather than as isolated zones. [ABSTRACT FROM AUTHOR]