The most common and most likely answer to this crossword clue is the 4 letter word JANE
J
A
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More clues leading to the result JANE
Buddy explains!

The straight part
We know that "Ms Austen" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case ms austen = jane.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does JANE mean?
JANE noun- A silver Genovese coin, first used in England in the 14th century.
- A woman, often specifically a girlfriend.
- A silver Genovese coin, first used in England in the 14th century.
- A female client of a prostitute.
- Denim.