The prime minister revealed the leaders spoke in a social media post just before midnight on Thursday.
It was the fourth phone phone call between the pair, which Mr ALbanese said was "warm and constructive".
"We discussed our trade and economic relationship as well as areas for growth including critical minerals," he said in the post on X.
"We also discussed shared US-Australia security interests."
A readout of the meeting said Mr Albanese discussed economic cooperation, as well as trade and critical minerals important to both countries.
"Leaders also discussed the strength of our relationship and the importance of our shared security interests," it said.
But there was no word on when the two leaders will hold their first face-to-face meeting, which Australia has been pursuing since Mr Trump's elevation to the presidency in November.
The two were expected to have talks in June on the sidelines of a G7 summit in Canada but the meeting was cancelled after Mr Trump returned to the US early to deal with issues in the Middle East.
The call took place just weeks ahead of a United Nations general assembly meeting, which Mr Trump will also attend, at which Australia is expected to join the UK, France, Canada and others in pushing for the recognition of a Palestinian state.
Australian ambassador to the US Kevin Rudd welcomed the phone call between the two leaders.
"Lots going on in the US-Australia relationship. And going from strength to strength," he said on social media.
The phone call coincides with efforts by Australia to get the US to drop tariffs on exports.
Mr Trump imposed a baseline tariff of 10 per cent on all Australian goods to the US and a 50 per cent tariff on steel and aluminium.
At the same time, the US is reviewing the AUKUS trilateral security alliance, under which Australia is expected to spend $386 billion on nuclear powered attack submarines, to ensure it aligns with Mr Trump's "America first" agenda.
The US has been pushing Australia to raise its defence spending to 3.5 per cent of gross domestic product.
The government is currently spending 2.02 per cent with a view to increasing that sum to 2.33 per cent of GDP by 2033/34.
Employment Minister Amanda Rishworth said the phone call between the two leaders to expanded on ties between the allies.
"We have the lowest trade tariffs of any country in the world when it comes to the US, but no doubt, this builds on what is already a warm relationship between the two of them," she told Seven's Sunrise program on Friday.
"As the prime minister has indicated, they'll meet when it's convenient for both parties.
"Clearly, there's a connection there with four phone calls."
But Liberal senator Jane Hume said more work was needed to be done to secure a face-to-face meeting with the US president.
"It's been 300 days now since President Trump has was elected, and still no meeting between our leaders, and that's a concern," she told Seven.
"We want Anthony Albanese to step up and represent Team Australia with President Trump, and particularly to secure our AUKUS agreements."
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