Festivale will not proceed in its usual format, but organisers are hopeful that a smaller event can be held over the same weekend.
Chairman David Dunn announced on Wednesday morning that Festivale would not proceed in 2021, due to COVID impacts.
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"Due to the unprecedented uncertainty caused by COVID-19 and the ongoing restrictions for public gatherings, health concerns and travel, the Launceston Festivale committee has exhausted all options to move ahead as originally hoped," he said.
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The decision was made after consultation with Public Health and the state government and Festivale's sponsors.
"Our focus must remain on the health and wellbeing of the public as well as the ongoing sustainability of Festivale. We find ourselves very fortunate to have been able to hold our 2020 event as many of our festival friends were not so lucky."
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Mr Dunn said the committee was working the State Growth to explore alternative options to bring a smaller event on the same weekend as Festivale 2021 to adhere to guidelines.
The committee is working to hold a bigger and better 2022 event.