The inaugural Good Saturday festival scheduled for next weekend in Sydney has been cancelled. 

Organisers have issued a statement regarding the cancellation today. 

"It is with deep regret that the organisers of Good Saturday announce that this year’s event, scheduled for Saturday March 31, will not be going ahead," the statement reads.

"Due to circumstances beyond the organisers control we are unable to proceed with this show. It's not a decision any of us have taken lightly, and we apologise sincerely for any inconvenience caused.

"Refunds will be available via Oztix, who will contact ticket holders directly."