The poor financial health of News Corp Australia's newspapers has been exposed by the release of confidential documents showing continuing losses at its flagship publication The Australian, diving profits for its tabloids, and swingeing job cuts.

Insiders say the release of the 276-page internal operating accounts, by website Crikey, had News Corp Australia's Holt Street headquarters in meltdown.

Former News Corp chief executive Kim Williams. Credit:Rob Homer

The accounts, for the year to June 2013 as News Corp was splitting into two, showed revenue at The Australian fell 20.2 per cent to $107.6 million. Operating income for the broadsheet fell to a loss of $27 million.

Melbourne's Herald Sun saw revenues fall 13.5 per cent to $249.6 million, while revenue at Sydney's Daily Telegraph dropped by 14.4 per cent to $160.4 million.