Newcastle as a traditional area of heavy industry was not immune from the effects of economic downturns that plagued New South Wales and wider Australia since the 1970s. These downturns were particularly hard hitting for heavy industry which was particularly prevalent in Newcastle. The early 1990s recession caused significant job losses across Australia and the Newcastle region experienced a peak unemployment rate of 17% in February 1993, compared to 12.1% in New South Wales and 11.9% across Australia. As Australia recovered from the early 1990s recession, the economy of Newcastle did too and the jobless rate rapidly fell. However, it consistently remained above that of New South Wales.