Almost 30 years ago the Howard government shut down Australia’s public employment service and privatised the system that helps unemployed people find work.

Since then, repeated inquiries have found the system is failing the people who need it, while the companies paid to run it rake in huge profits.

Now, the Albanese government has admitted the system isn’t working and promised its biggest overhaul in decades. But Labor says these private providers will still remain part of the system, even as a new report has followed the billions of dollars flowing through the industry

Today, ABC business and economics reporter Gareth Hutchens, on how helping unemployed Australians became a massive money spinner, and whether Labor can fix the system while leaving private companies at its centre.

If you enjoy 7am, the best way you can support us is by making a contribution at 7ampodcast.com.au/support.

Socials: Stay in touch with us on Instagram

Guest: ABC business and economics reporter Gareth Hutchens

Photo: AAP Image/Dan Peled