The federal government committed $842.6 million over six years to the Northern Territory Remote Aboriginal Investment, funding services like policing, women's safety, education and alcohol harm reduction.
Prime Minister Anthony Albanese said the investment would make sure First Nations people are not "left behind".
"We want to make sure every single dollar from the Commonwealth goes to making a difference to people's lives," he said in Alice Springs on Friday.
"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."
The agreement, signed by the federal and NT governments, and the Aboriginal Peak Organisations Northern Territory seeks to transition services from government to community control over time.
Coalition Senator Price said the government was "pouring more money with little consideration of its effectiveness or efficiency".
"Self-determination doesn't come from $842.6 million of government welfare and more government funded jobs, it comes from economic independence and learning to standing on one's own two feet," she said.
Greens senator Dorinda Cox said real change must be co-designed and led by communities.
"Central Australia and in fact the whole of the Northern Territory has a rich and ancient history, and life in remote Australia is very different," she said.
"We need to provide opportunities for First Nations communities in industries such as tourism and renewable energy projects to protect culture, Country and people."
Funding for up to 12 Aboriginal community controlled children and family centres, and the establishment of local groups in up to eight locations, to design and deliver services in community are also set out in the agreement.
"This is about backing up families and providing the funding to do so," Mr Albanese said.
"It does mean that more than 570 local NT remote jobs are secured to deliver these programs, making such an enormous difference."
Interpreter services will get a boost and hearing and oral health services will continue to be funded under the agreement.
Aboriginal Peak Organisations NT convener John Paterson said the investment is "one of the best, genuine, meaningful" outcomes he's seen in his working career.
He attributed this to the involvement and participation of Aboriginal leaders in the Territory who "know their business" and communities.
"What this agreement demonstrates is that when the partners, along with the Aboriginal leadership get around the table to negotiate ... we can achieve the outcome that we're all aspiring and wanting," Dr Paterson said.
NT Chief Minister Lia Finocchiaro also welcomed the renewal of the agreement, saying a "big portion" would go to policing.
"We know that community safety is the number one priority of Territorians no matter where they live," she said.
"But this funding will go further than remote policing, which is critical, it will also support better health outcomes for Aboriginal people living in the bush, greater empowerment and decision making and of course making sure that our remote communities are invested in."
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