Video: Turnbull, Rudd discuss leadership on Q&A (ABC News)

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Opposition frontbencher Malcolm Turnbull has defended former prime minister Kevin Rudd and praised his vision, saying the Labor Party is still paying for his sacking.

In a much-anticipated encounter on ABC1's Q&A, Mr Rudd and Mr Turnbull dodged questions about returning to the leadership of their respective parties.

Polls have shown that many Australians would like to see Mr Rudd and Mr Turnbull going head to head at the next election.

But Mr Rudd was enigmatic when asked about any lingering leadership speculation, saying "leadership has a number of different forms," and that February's ballot loss to Prime Minister Julia Gillard "made things pretty clear."

"There was an opportunity to deliberate on these things in February and the Prime Minister won 2-1 against myself in the parliamentary party ballot," he said.

However, Mr Turnbull was more forthright, saying it was "a matter of complete bafflement" that the Labor Party has not reinstated Mr Rudd.

"Your mob poleaxed because you stood up to the factions, that's why they got rid of you," he told Mr Rudd.

"The faceless men couldn't put up with you anymore and that was a shocking betrayal."

He said his one-time rival for the job of prime minister had set out "some great visions".

"The issue is competent management, and with great respect that hasn't been a strong suit either for you or Julia [Gillard]," he said.

"But the fundamental thing is you were poleaxed because you tried to stand up to those guys and they showed you and the nation, to its horror, who was really running the Labor Party.

"It wasn't you, it was the faceless men. And your party's paying for it."

Mr Turnbull says he will not be the Liberal leader but assures supporters he will have some clout in an Abbott cabinet.

"Most people know that if they vote Liberal and Tony Abbott becomes prime minister, I will be part of his team, influential at the cabinet table, involved, part of that collective leadership," he said.

But Mr Turnbull says the same cannot be said of Mr Rudd and Labor.

"Regrettably, if they are Kevin fanciers and they nonetheless vote Labor and Julia Gillard becomes prime minister, Kevin, to the loss of his party and I think to the loss of the country, will remain not so enigmatically on the backbench," he said.

'Central asset'

Mr Rudd said the Labor Party can win next year's election and praised Ms Gillard for taking the fight to Opposition Leader Tony Abbott.

"It's not a foregone conclusion as it was a couple of months ago that the other mob were just going to slide through," he said.

"Our central asset is Tony Abbott. It's true.

"I think this election is up for grabs and we hope that there's going to be a policy-based election."

For his part, Mr Turnbull poured cold water on speculation that there would be a Rudd-Turnbull showdown at the next election.

"My mouth became quite dry when that was brought up, with horror," he said.

"There's not going to be any change on our side, certainly."

Meanwhile, both men agree they would never team up to create a new political party.

"It's very flattering but no," Mr Turnbull said.

"Malcolm and I could never agree on the leadership," joked Mr Rudd.

Opinion polls continue to show voters like both men more than their respective party leaders.

Mr Turnbull says "thousands and thousands of people" have suggested he set up a new party but he is committed to the Liberal Party.

Turnbull praises Rudd on leadership vision - ABC News (Australian Broadcasting Corporation)