In US dollar terms, however, revenue was up. News Corp said it had written off the value of its investment in Foxtel by A$227 million.
Foxtel is jointly owned by News Corp and Telstra.
The Australian figure was lower because Foxtel had to close Presto, its streaming video unit, leading to a loss of A$48 million.
Additionally, Foxtel had to take a writedown of A$58 million of its investment in Channel Ten which went into administration in June.
Subscription revenue fell by 1%, excluding the effect of fluctuations in foreign currency.
No mention was made in its earnings report of the A$30 million handout given to the network by the Australian government.
Overall, News Corp made a loss of US$643 million (A$818 million) for the year ending June 30, down from a profit of US$235 million for the previous year.