The inaugural Bathurst International has been postponed until 2021 due to COVID-19 restrictions preventing marquee stars from making the event.
Ex-Formula One star Rubens Barrichello was set race in the S5000 category at Mount Panorama in November.
But the Australian Racing Group and Bathurst Regional Council say the three-day event could only have gone ahead if border restrictions were lifted and mandatory quarantine periods for travellers scrapped.
ARG chief executive Matt Braid said it was an "impossible situation".
"It is obviously very disappointing to postpone the inaugural running of the Bathurst International," he said.
"No stone was left unturned in the attempt to hold a viable and top class motorsport event.
"This event was not based around a singular product but a wide and varied motorsport entertainment package which involved over 2000 people attending before the inclusion of fans."
Touted as Australia's fastest racing cars, the S5000s have the potential to break the lap record at the iconic 6.2km Bathurst circuit.
As well as Barrichello, fellow ex-Formula One heroes Jenson Button, Nico Rosberg and Fernando Alonso were in the sights of organisers before coronavirus hit.
Organisers have turned their attention to the Bathurst 6 Hour event in April, with a new date for the International to be announced next year.
