The Goulburn Chamber of Commerce and Industry has announced the Explore 2580 Business Expo for 2023 has been indefinitely postponed.
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The event was scheduled to be taking place at the Veolia Arena in October.
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Goulburn Chamber President, Darrell Weekes said the decision to cancel the event wasn't an easy one.
"We deeply regret having to cancel the Explore Business Expo, but after careful consideration of the prevailing circumstances, we believe this is the most responsible course of action," he said in a statement.
The chamber had secured $5000 in Goulburn Mulwaree Council assistance for the event.
Mr Weekes said they also hoped to secure $30,000 under the state government's Regional Events Acceleration Fund, given the chamber 'met all the criteria.'
However, following the state election, the funding was no longer available.
The council funding will be returned.
The expo was set to be a prominent gathering of local businesses, entrepreneurs, and community members, providing a platform to showcase innovative products, services, and ideas that contribute to the economic growth of the Goulburn region.
Mr Weekes said the event was cancelled with the utmost consideration of all participants, attendees, and sponsors.
Committee Chairperson Steve Ruddell expressed his disappointment about the decision.
"We were eagerly looking forward to bringing together the local business community in a celebration of innovation and collaboration," Mr Ruddell said.
"However, the challenges posed by the withdrawal of government grants and recent interest rate increases have created financial uncertainty that we cannot ignore.
"We are committed to exploring alternative avenues to support our local businesses and promote economic growth."
Mr Weekes expressed his gratitude to those who contributed to the event before the final decision was made.
"The decision to cancel the Explore Business Expo was not taken lightly," he said.
"We want to express our gratitude to all the businesses, exhibitors, sponsors, and partners who had committed their time and resources to make this event a success.
"Our dedication to the well-being and prosperity of the Goulburn community remains steadfast, and we will continue to seek ways to support our local businesses."
Further information can be found at the Goulburn Chamber of Commerce website.
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