nd The short film festival was called off last month following serious financial mismanagement. Now, thanks to a lifeline from CGU Insurance, it's back on.

Today was supposed to be Tropfest day. The festival should have drawn tens of thousands of people to Sydney's Centennial Parklands as the finalists were shown on the big screen and broadcast around the country. It isn't happening though; a month ago the festival was cancelled.

Fortunately, it'll be back. Tropfest founder John Poulson has announced today, thanks to a bunch of $$$ from CGU Insurance, the festival will return on Feburary 14.

Standing in Centennial Park, John said the support they'd seen following the cancellation was overwhelming.

“It’s incredibly encouraging to see that the Australian public and corporate community really want to see Tropfest return.

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Whatsapp Adam Spencer, Yumi Stynes and John Polson present the Tropfest film festival.

"We’re now able to restore Tropfest for the filmmakers whose work was put on hold, for our fans and of course for the suppliers and partners who all give so much to make the world’s largest short film festival a reality.

“For Tropfest, this is the comeback of the decade, and we’re so thrilled to be able to share it with Trop fans, and our finalist filmmakers, as we continue to play a part in bringing some of the most talented and creative storytellers to the stage, for a long time to come."

It should be Tropfest as usual when the festival returns early next year. All the sponsors are back on board following the "terrible and irresponsible mismanagement of Tropfest funds," that led to the cancellation.

When the John Poulson announced the cancellation on Facebook last month, the Tropfest founder said the company responsible for raising money for the event had screwed up.

"Despite a challenging sponsorship climate, Tropfest has done reasonably well in attracting support this year; however, to my great surprise, the management company has informed us that it is unable to proceed."

It doesn't look like we're much closer to finding out exactly how bad that management company screwed up though. John said today there's a process working behind the scenes to find out what happened.

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Whatsapp The crowd watches the Tropfest finalists.

Despite the drama, Tropfest finalist Ange McCormack (who also works for Hack) never really thought the festival was going to go away.

"I think we all had a sneaking suspicion that something has iconic as Tropfest wouldn't just fade into the background.

"We kind of knew someone would step and save it and that's what's happened."

She's just stoked this opportunity for young filmmakers will remain.

"As a young filmmaker it means everything. It's a very unique institution."