According to a report from Goldman Sachs JBWere, classified advertising at some of Fairfax Media Ltd.'s largest metropolitan newspapers in Australia has dropped by as much as 40 percent this year, The Australian reported.

The volume of classified ad pages at all Fairfax's metropolitan titles declined 13 percent in July, compared with the same month one year ago. Volumes were down 19 percent in August, according to Bloomberg.

Pages of employment classifieds at the Sydney Morning Herald declined 25 percent in July, and dropped 28 percent in August, according to The Australian.

Fairfax, the second largest newspaper publisher in Australia, announced it would eliminate 5 percent of its staff last month, a move to cut A$50 million (US$41 million) in annual costs, Bloomberg reported.