In our program on 17th February we reported: "Insiders tell Media Watch that The Australian is losing $40 million to $50 million a year".

The Australian has assured us that this $40 million to $50 million figure is 'factually incorrect'. Media Watch is happy to correct the record.

We now know this much:

1. The Australian has not made a profit since the GFC in 2008.

Editor-in-Chief Chris Mitchell told Mumbrella this on 24th February and made a similar admission to The Australian's media editor Sharri Markson (video) the same day.

2. The Australian is likely to lose around $15 million in 2013-14.

Chris Mitchell told Media Watch in an email on Tuesday 25th February

"My Budget for this year is minus $15 million in total across print and digital. We are well in the ballpark. My CEO Nicholas Gray is happy to agree" — Chris Mitchell, Editor-in-Chief, The Australian, email to Media Watch, 25th February 2014

3. The Australian appears to have lost around twice as much as this-or $30 million-in 2012-13.

Sharri Markson quoted Chris Mitchell (video) on 25th February saying The Australian is on track to 'halve its loss this financial year'.

Media Watch subsequently asked Chris Mitchell to confirm that the loss for 2012-13 was therefore in the region of $30 million. He declined to confirm or deny this figure.

Media Watch accepts that the insiders' figure of $40 million to $50 million was too high. However, we do not accept it was 'absurd' or 'hopelessly wrong' as The Australian's Strewth column claimed on 18th February, or that it was 'ridiculous', as Chris Mitchell asserted on 24th February. Nor does Media Watch accept Chris Mitchell's claim that Paul Barry deliberately misled his audience .

You can read the full email exchange with Chris Mitchell here .