Born in Visoka Libyne, Moravia (Czech Republic), then known as Hochliebin, Austrian Empire. Austerlitz first pursued a commercial career, but in 1887 he turned to journalism, joining the staff of the Vienna Arbeitzeitung, then still a weekly. In the early 1890s he undertook social work for the employees’ union. In 1895 he was made editor of the political section of the Arbeitzeitung, which now became a daily newspaper, and in 1906 he was appointed its editor in chief. Austerlitz held his post for twenty-five years, during which period the paper gained the reputation of being the best organ of the Socialist Internationale.
His total devotion to his journalistic activities made him to refuse, time and again, to become a candidate for the Reichstag. Only in 1919 did he become a member of the National Constitutional Assembly of Austria. In 1920 he was elected to the National Assembly, where he took part in the drafting of the Austrian Press Law.
Austerlitz consistently refrained from participation in all Jewish topics, particularly national Jewish problems. As a Marxist, he altogether opposed national tendency in Judaism, and his attitude in this regard definitely influenced that of the Austrian Social Democrats.
He is author of Wer ist Waahler (Vienna, 1897); Ein Militerurteil in Oesterreich (Vienna, 1901); Presse und Pressefreiheit (Vienna, 1902); Das neue Wahlerecht (Vienna, 1907).