Australia’s multi-billion dollar television advertising market plunged by as much as 13 per cent in October, in a worrying sign for broader business confidence about consumer spending despite three rate cuts.
Seven West Media chief executive Jeff Howard said the media company, which owns Network Seven and The West Australian newspaper, recorded flat television revenue in the three months to September compared with last year, but had experienced a steep fall in October. The decline prompted the company to increase the size of its cost cuts from $35 million to $50 million.
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