The port has been in a Chinese company’s hands after the Northern Territory government awarded a 99-year lease to Beijing-controlled Landbridge Group in 2015, under a deal approved by the then-Turnbull government.

Citing the current geo-political environment, the Coalition said it would force Landbridge Group to sell back the port to an Australian government approved operator, or as a last resort compulsorily acquire it and compensate the Chinese-owned company.

Under their plan, a specialist commercial adviser would work with the NT government and officials from the Departments of Treasury, Finance, Defence and Infrastructure to find new operators.

And if a private lease can’t be found within six months, the Coalition, if-elected would acquire the lease using the Commonwealth’s compulsory acquisition powers.

Landbridge would receive federal compensation under this scenario.

Pre-empting a Coalition announcement planned for Saturday, Mr Albanese on Friday told ABC radio his government is also looking for a private buyer, particularly through superannuation funds, to end the $506 million contract with Landbridge to operate the strategic facility in Australia’s north.

“That is what we’ve been doing informally, through potential buyers up to this point already, and if it reaches a point where the Commonwealth needs to directly intervene, then we’d be prepared to do that.”

A spokesperson for the Coalition said Mr Albanese’s announcement on Friday “is another demonstration of a prime minister who has had three years to act in Australia’s national interest and didn’t.”

The prime minister predicted Mr Dutton would “pretend” the original Northern Territory deal “had nothing to do with the LNP federally, and will just blame the former Northern Territory government.”

“The CLP (Country Liberal Party) should’ve never flogged it off,” Mr Albanese told ABC Radio Darwin.

“We want it to be in Australian hands,” he said.

Mr Albanese flagged this week his government was considering options to end the port’s lease.

He declined to detail how much his government would be willing to pay but told Radio Darwin that the government would have more to say before May 3.

‘Port is not for sale’, says Landbridge

Landbridge non-executive director Terry O’Connor told the ABC the company had not had any discussions with the federal government or the NT government around any of the proposals that the prime minister had announced.

“As far as the owner is concerned, there’s no intention to sell the port and there’s been no negotiations around selling the port,” he said.

Mr O’Connor added that similar announcements had been made in other election campaigns and staff were not concerned.

“At this stage, there’s nothing that’s changing the current arrangement that we have.”

“We understand the politics that are being played out here. Our perspective is we’re a commercial organisation in a legally binding contract, which involves us operating the facility for the next 90 years or so.

“So any negotiations would have to take that into account, and I can say quite straightforward, that there’s been no engagement at any level in relation to the governments around terminating that contract or any change to the existing contract rule arrangement.”

“Our day-to-day operations are run by Australians, operating inside the Australian requirements. Under our security arrangements … there is no input from China.

“There is no input from the Chinese owners. In relation to the day-to-day operation, we’re dealing with Australian agencies as we operate the port.”