Financial Woes Force Pyramid Rock Festival To Cancel

Annual New Year Eve festival Pyramid Rock has advised punters today that it won't be going ahead this year, with the Phillip Island event suffering from poor finances.

First held in 2004, the Victorian festival's promoters Inversion Productions issued a “regretful” statement today.

“Due to tough economic conditions in recent years the Festival has become unviable for Inversion Productions and their only option is to cancel the event,” they wrote. “Options will be explored for the festival to return on a permanent basis in 2014.”

Last year's event traversed genres with Tame Impala, 360, Anti-Flag, Karnviool, Illy, Urthboy, Xavier Rudd and Unknown Mortal Orchestra combining for what was, on paper, a very solid line-up. Since 2004 the festival has battled a competitive New Year's Eve festival market and Phillip Island's exposure to weather conditions.