It’s now clear why News Corp doesn’t break out the profitability of its Australian newspapers – there may not be any.

Or not much anyway, according to a Crikey.com.au report built upon a leaked copy of Murdoch’s 2012-13 internal financial statements that show a paper-by-paper comparison of the businesses.

“The accounts raise the question of how long the rest of the News Corp empire can carry the underperforming Australian newspapers business.” Credit:Jason Reed

“Combined with the sharp earnings drop already reported in 2013-14, and with circulation and advertising revenues continuing to decline, the accounts suggest News Corp’s Australian newspapers, including the national, metro and regional publications, will struggle to break even this financial year,” writes Crikey’s Paddy Manning.

“The accounts raise the question of how long the rest of the News Corp empire can carry the underperforming Australian newspapers business.”