TLDR version: The advertising industry in Australia is enduring a tough FY24, with February spend down by 6% pcp (according to SMI). There were falls in every category. Digital and audio fared best while television fared worst. This comes after SMI reported that total spend in CY23 was down 2.7% pcp, slowing towards the end of the year.

The underlying issue is subdued economic growth. We forecast a return to ad spend growth after FY25, but next year will be sluggish.

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