"After careful consideration for the health and welfare of everyone involved in Targa Tasmania, but more importantly, the 500,000 plus people who call Tasmania home, we announce the cancellation of this year's Targa Tasmania, which was due to be held from 27th April to 2nd May,'' organisers said in a statement on Wednesday morning.

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"Given the uniqueness of Targa, an event which visits all corners of the island, we felt that the health risk to the Tasmanian community of conducting our iconic rally was simply too great based on sound advice from a number of experts.

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"Whilst it is sad news that for the first time in its history, dating back to 1992, TARGA Tasmania will not be run, we are already focussing on the future and staging the 29th edition of Targa Tasmania in 2021 followed by the 30th Anniversary event, which will now be held in 2022."

The decision came after the state's round of Supercars, which was scheduled for early April, was postponed earlier on Wednesday.