Foreign Minister Kevin Rudd rejected suggestions that Prime Minister Julia Gillard was deliberately taking away the good deeds that his government had achieved while Australia was in the middle of a severe financial crunch in 2008.

Experts are in agreement that Rudd, as a former Prime Minister, played a crucial role in ensuring that Australia weathers that economic storm, which the country did, and largely unscathed at that.

In outlining the Australian Labor Party's notable achievements since it assumed power in 2007, analysts noted that Ms Gillard failed to mention the first three years of Rudd, which was marked by the global financial crisis that reduced many economies into recession, including that of the United States.

Media reports said that the omission was deliberate and could be connected to a speculative report, allegedly furnished by the ALP leadership, critical of Rudd's explicit policies during his time at The Lodge.

The Rudd review, which was first reported by the Sydney Morning Herald, also discussed the former Prime Minister's machinations that almost undermined Ms Gillard's efforts to win fresh mandate during the general election last year.

Prior to the end of his term, Rudd got embroiled into a costly spat with giant mining firms that eventually led to his exit and to Ms Gillard's ascension as Prime Minister.

Yet more than 12 months after that fateful event, Rudd appears to have moved on and in a speech before his Labor colleagues, he praised his predecessor and underscored her achievements even while a key minister under his wings.

Brushing aside any hints in intrigue between them, Rudd said that ms Gillard was a very capable ALP leader, who excelled when Australia had to address the GFC and further showed her mettle in dealing the international community.

The former Prime Minister, however, warned that despite the momentum it enjoys, the ALP and Australia in general, should be way of the global economic situation.

"As in 2008-09, interbank lending is tightening, spreads are widening, the real economy in Europe is faltering. And with weakening demand in Europe and the United States, growth is now slowing in China," the Canberra Times reported Rudd as saying during the ALP national conference.

"The global economic storm clouds have gathered again, the world now teeters on the edge of a second global financial crisis, as we teeter also therefore on the edge of a second economic recession," Rudd added.

He also noted that Australia is far from being immune on any spill over that could arise from the Euro crisis though he admitted that while the country must be on guard, it must remain confident on its economic fundamentals.

"We should have confidence in this - the strength of our economic fundamentals, the experience we have from negotiating the first global financial crisis, and a team which remains fundamentally in place to deal with any challenges we face for the future," Rudd asserted.