After a record high in April 2018, agency bookings in April 2019 tumbled 7.6%, according to SMI data.

SMI suggested last April, powered by banks splurging in the face of the Financial Services Royal Commission as well as increased spending during the Commonwealth games, was likely to result in a year-on-year dip. It pointed out that April 2019 spend of $522m was 2% higher than April 2017.

While spending by banks fell 35.5%, political ad spending soared tenfold to $18m. SMI said press and radio were the main beneficiaries and as such, the only sectors recording growth in April.

Reduced business confidence affected traditional big hitters. Retail ad spend was back 7.1% (with the largest decline seen in digital media) while auto brand bookings fell 21%, impacting all major media.

For the calendar year to date, SMI bookings are down 4.3%. Radio and digital are marginally up, subscription TV direct is up 11.8%.

For the financial year-to-date the market is down 1.6%, with outdoor media up 5.0%, digital up 2.4% and radio bookings up 2.3%.