As Victoria was this morning detailing the implications of new COVID-19 restrictions, a belief that the only way from here is up may be premature.

Latest Standard Media Index figures record the "worst year in living memory" - with a fall of 14.7 per cent on last financial year - but note stronger forward booking data.

Total bookings for June fell 35.7 per cent to $417.0 million, making the revised quarterly decline 38.7 per cent.

In her report on the June figures, SMI's ANZ managing director Jane Ractliffe said that while the market appeared to be picking up, "the data underscores the truly awful period that Australia's media industry has endured. "Never before have we seen a situation where all major media have reported significant declines in ad spend in the last month, quarter, half year and financial year as such large product categories significantly reduced their media investment.''

Early views of July data showed a lower decline, and the market had also looked stronger in August.

"All markets are clearly suffering from the impact of COVID but as we track the changing market trends it's also clear that within certain categories some media are managing to achieve growth," her report said.