Foreign Minister Kevin Rudd has warned that the world is teetering on the brink of another financial crisis, as he made his first foray at the ALP's national conference.
In an address in which he praised his successor Julia Gillard by name twice and lampooned Opposition Leader Tony Abbott, Mr Rudd talked up Labor's success in steering Australia through the most recent global financial crisis (GFC).
However, he warned that the spectre of a global financial crisis was again hanging over Australia and the country was not immune to it.
"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," Mr Rudd told delegates at the conference.
"As in 2008-09, inter-bank 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.
"(But) here in Australia, 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."
Media reports suggested supporters of Mr Rudd were angered that he was not mentioned in Ms Gillard's opening speech to the conference as she listed Labor's significant leaders of recent times.
But Mr Rudd twice during his speech praised the prime minister by name, for her efforts during the previous GFC and her work at the East Asia Summit in November.
Mr Rudd also launched a scathing critique of Mr Abbott, something the prime minister avoided in her opening speech on Friday.
"I think it's a combination of Rudyard Kipling, Biggles and the Boy's Own Annual - that's Tony's vision of the future," Mr Rudd said.
"Mr Abbott has neither the experience nor the temperament to ever be the prime minister of this great country Australia."
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