The annual festival in Sydney's Centennial Park - scheduled for December 6 - won't go ahead because of lack of money, Tropfest founder and director John Polson says.
"It is too early to tell what has actually happened here, although it is hard to avoid concluding there has been a terrible and irresponsible mismanagement of Tropfest funds," he said in a statement on Wednesday.
A discrepancy of six figures in the festival's finances managed by a company contracted to run the event means it cannot go ahead, Mr Polson told Fairfax.
The founder has started legal action against the management company, which was also responsible for raising funds.
Mr Polson said he was surprised to learn the festival could not proceed.
Tropfest had done reasonably well to attract support this year despite challenges to sponsorship, he said.
Tropfest was due to celebrate its 24th year. Since its inception in 1993 it has expanded to festivals in New Zealand, South East Asia, the United States, and the Middle East.
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