From the beginning of the crisis, we have put a premium on understanding how disturbances stemming from a relatively small segment of a market presumably linked to local and regional conditions (such as the US subprime mortgage market) could spread through continents and markets at such a rapid pace, undermining the strength of our economies and financial systems and, ultimately, giving rise to concerns about systemic stability.
All the states also experienced large falls in unemployment over the past couple of decades (Table 3). In fact, the states with the highest unemployment rates in 1991 generally experienced larger falls. At present, the rate of unemployment is fairly uniform across the states, with the exceptions of Western Australia, where it is below average, and Tasmania, where it is above average.