He made these remarks during a visit to the aboriginal community of Yirrkala in northern Australia, where the indigenous land rights movement began 50 years ago.
Pledging to put the issue to a referendum, Rudd said he wanted to work with the opposition to agree on an appropriate question to put to voters, an Australian Broadcasting Corporation report said.
"We're committed now to rolling out the constitutional recognition for the first Australians and we want to get that work done," he said.
Putting a time table towards recognising the indigenous communities, the Labour leader said: "I want this done in the next term of the Australian Parliament. That's what I really want to see, and I really want to achieve that bipartisan consensus as rapidly as possible."
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Rudd has also reaffirmed his commitment to Aboriginal land rights during his visit and assured those present that the government will work with them to ensure these rights led to economic development.
His remarks came after a senior leader Galarrwuy Yunupingu complained the land rights laws had delivered very little economically for communities and individuals.
"We have been losing these land rights, just about empty this land right is empty, it is full of everything but it is full of nothing," he said.