Mr Albanese played on an infamous insult from former prime minister Paul Keating, who asked whether a souffle rises twice when Liberal Andrew Peacock mounted a challenge to regain the party leadership in 1989.
"Angus Taylor presents us with a new question: can a souffle rise once?" Mr Albanese said during a speech to the NSW Labor Country Conference in Orange on Saturday.
It was the prime minister's first public comment on Mr Taylor's toppling of Sussan Ley in a long-anticipated Liberal leadership spill.
Mr Taylor's 34 votes to 17 win on Friday brought down the Liberals' first female leader just nine months after she took the top job.
Mr Albanese said Mr Taylor and his new deputy Senator Jane Hume had both damaged their party with their various opposition to tax cuts, cost-of-living relief and renewable energy.
"It is extraordinary that they have had eight months of plotting in order to deliver the two people to the leadership positions who more than anyone else on their entire show were responsible for alienating the Liberals from the Australian voters," he said.
"But that is what they have done. Every single challenge that is before us, they have failed on."
Within minutes of the change of leadership, the federal government rolled out online attack ads criticising Mr Taylor's record as a minister and shadow treasurer.
Federal minister Murray Watt said the spill would do little for the coalition.
"The Liberal Party has completely lost touch with the vast majority of Australians and what they care about," Senator Watt told reporters in Sydney on Friday.
"There is no evidence to date that Angus Taylor has any solutions for those challenges."
Treasurer Jim Chalmers said Mr Taylor's record was shambolic.
"Angus has zero credibility on the economy and neither does the bin fire that is the coalition," he said.
Just days after re-forming the coalition with Ms Ley at the helm, Nationals leader David Littleproud said Mr Taylor would be the right person to lead the opposition back into government.
"Angus is the leader Australia needs to take up the fight against Labor's reckless spending and ideology," he said.
"Angus can offer hope to aspirant Australians and those who are struggling to enter the housing market."
Ms Ley announced she would resign from parliament in the coming weeks after losing the leadership, triggering a by-election in her NSW seat of Farrer.
One Nation leader Pauline Hanson said her party would field a candidate in the upcoming by-election.
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