SYDNEY: The outlook for the Australian advertising market is continuing to improve, according to the latest figures from Magna Global.

The company, part of Interpublic Group, has revised its adspend forecast for the country upwards, and now expects growth of 6.2% this year compared with its previous estimate of an uptick of 5.1%.

Within this, TV ad sales are due to rise by 7.1% to A$3.7bn ($3.3bn; £2.2bn; €2.6bn) in 2010, and the medium is set to enjoy an average annual increase of 5.7% to 2015, when takings will be just short of A$5bn.

Conditions are also favourable for digital media, including online search, with revenues projected to climb by 17.1% to A$2.2bn in 2010.

Moreover, new media will become Australia's second largest channel in revenue terms in the next five years, with adspend pegged to come in at A$3.7bn in 2015.

By this date it will have leapfrogged newspapers, despite the fact marketers will direct A$3.6bn of their budgets to press titles in 2010, an expansion of 2.5% year-on-year.

This is because this element of the print category will suffer a contraction of around 1.4% a year over the course of the next five years to A$3.3bn.

Magazine returns are predicted to diminish by 2.5% this year to A$835m and by a further 7.2% per annum from now to 2015, when the sector will take A$576m.

Elsewhere, radio is likely to see expenditure levels jump by 2.6% in 2010 and by 1.5% a year over the forecast period as a whole.

Outdoor should also experience rising demand thanks to the launch of the new MOVE audience measurement system, boosting its totals by 8.1%.

In all, Magna believes that Australian advertising expenditure will grow by 3.7% a year to 2015, when it will reach a value of A$14.1bn.

Data sourced from B&T; additional content by Warc staff