The Labor government will introduce a new bill to parliament on Wednesday to keep the $51 billion network in public hands.
The move will put pressure on the opposition to declare whether it plans to privatise the network if it wins power at next year's federal election.
"Keeping the NBN in public hands means high-speed broadband remains affordable for Australian families and businesses around the country," Mr Albanese said.
Federal Labor hopes voters will remember how services suffered after Telstra was privatised. (Mick Tsikas/AAP PHOTOS)
Communications Minister Michelle Rowland said more than 8.5 million customers would be worse off if the network was privatised.
"Australians don't trust the coalition not to flog off the NBN just like they did with Telstra, resulting in higher prices and poorer services, especially in the regions," she said.
Finance Minister Katy Gallagher said the NBN was a critical piece of national infrastructure that helped to fuel economic growth.
She pointed to economic analysis commissioned by NBN Co that shows that for every one megabit per second increase in average broadband speed, Australia's productivity-driven GDP increased on average by 0.04 per cent.
In August, NBN Co's 2024 financial results showed its revenue for the year increased four per cent to $5.5 billion and earnings rose to $3.9 billion.
The figures come more than a year after the federal government announced a $2.4 billion investment in the network to fund internet upgrades for 1.5 million homes.
The Communication Workers Union, which represents NBN staff, hailed the move to keep Australia's "digital backbone" in public hands.
NBN workers will breathe a sigh of relief that their jobs won't be on the chopping block, national president Shane Murphy said.
"This bill will ensure that Australians will not be threatened with massive price hikes and service quality deterioration that would inevitably occur should this vital piece of our nation's public infrastructure be sold to the highest bidder," he said.
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