The split summer/winter series was set to replace the ailing Australian Formula 3 Championship, with a host of different wings-and-slicks cars involved from F3 downwards.

However, a lack of competitor interest has seen the category organisers pull the pin.

“A severe lack of competitor support has been cited as the major reason for category organisers no longer electing to invest in the series moving forward,” read a statement from the organisers.

“Significant efforts were in place to help generate the required levels of support, including a major sponsorship agreement with Kumho Tyre Australia and the prize of a funded drive in a V8 Touring Car (valued at $25,000) – along with a significant reduction in entry fees to $1150.00 per round, and other cost saving initiatives.

“Early indicators suggested there was potential to reach the 12 car minimum grid required to make the series viable, and the series costs and operations – including offering an entry fee at less than one half of existing levels – were structured around that key figure (12) as a basis moving forward.

“Unfortunately it was made clear by early January that those grids would be difficult to generate with regularity following the decision by some competitors to not embrace the series.”

The decision means the future of Formula 3 racing in Australia is now severely under threat, with no national series currently set up for the small number of cars in the country.