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The unabated rise in atmospheric [CO₂] is associated with increased air temperature. Yet, few CO₂‐enrichment studies have considered pre‐industrial [CO₂] or warming. Consequently, we quantified the interactive effects of growth [CO₂] and temperature on photosynthesis of faster‐growing Eucalyptus saligna and slower‐growing E. sideroxylon. Well‐watered and ‐fertilized tree seedlings were grown in a glasshouse at three atmospheric [CO₂] (290, 400, and 650 µL L⁻¹), and ambient (26/18 °C, day/night) and high (ambient + 4 °C) air temperature. Despite differences in growth rate, both eucalypts responded similarly to [CO₂] and temperature treatments with few interactive effects. Light‐saturated photosynthesis (A_sat) and light‐ and [CO₂]‐saturated photosynthesis (A_max) increased by ∼50% and ∼10%, respectively, with each step‐increase in growth [CO₂], underpinned by a corresponding 6–11% up …