Mr Albanese says he wants to make sure "every single dollar from the Commonwealth goes to making a difference to people's lives".
"If things are not working, we will change them, intervene to make sure the dollars go to where they are anticipated, which is improving the lives of Territorians," he said.
It comes after NT Senator Jacinta Nampijinpa Price flagged audits into federal government spending on Aboriginal affairs, if the Coalition wins the upcoming election.
The convenor of the Aboriginal Peak Organisations NT, John Paterson, is also speaking about the funding package.
Mr Paterson says in his 40 years in the Aboriginal sector, this the agreement "is the best and most meaningful" he has experienced.
He says the funding will reach the right areas because of the involvement of Aboriginal leaders "who know their business".
"They know their communities, they know the issues on the ground, they have got that continual feedback from grassroots communities," he said.
Mr Albanese says governments have not done well enough to Close the Gap between Indigenous and non-Indigenous Australians.
He says this funding package is about "doing better".
The Prime Minister says it will target areas such as women's safety, children's health, education and alcohol harm reduction.
He says the funding will also help transition services from being government-controlled, to community-controlled.
The Prime Minister has begun by saying "today is a great day for the territory".
Mr Albanese says the funding will create certainty for many community-based organisations, whose agreements were set to end.
He says the $842 million package is the "largest investment in remote communities we have seen" to deliver services, and will make sure First Nations people "are not left behind".
The Prime Minister has responded to a question about why the funding is being announced now, just months out from the federal election.
Mr Albanese says the money will be in March's budget, which he says means it's locked in beyond the election.
"It's a six-year plan, we've negotiated out through the NT government and with Indigenous organisations themselves," Mr Albanese said.
Mr Albanese says the funding package will establish "service hubs" to deliver programs in community.
"It will include up to eight community development hubs, training and business hubs to support communities to access employment opportunities," he said.
"Real jobs, paying real wages, delivering real training that will make such a substantial difference."
Lingiari MP Marion Scrymgour, who's based in Alice Springs, has welcomed the Prime Minister to the town.
NT Chief Minister Lia Finocchiaro has also said the $842 million investment will be crucial, particularly for remote policing and health outcomes.
She says the agreement "shows a good, strong working relationship" between the Country Liberal NT government and the Labor federal government.
The Prime Minister's Office has already released some details about the $842.6 million package. Here's how it will be spent:
The Prime Minister is in Alice Springs and currently touring the Central Australian Aboriginal Congress Hub, which is a primary health centre.
He's then expected to speak to media about a $842.6 million package for remote Aboriginal communities in the territory.