It's over: the cast of family drama <i>The Time of Our Lives</i>.

It's over: the cast of family drama The Time of Our Lives. Photo: Supplied

The ABC has confirmed its drama The Time of Our Lives has been axed, nearly a full day after one of the series stars broke the news on Twitter. 

Shane Jacobson, who plays Luce Tivolli in the family-centred Australian series, tweeted on Thursday afternoon that the acclaimed series would not return for a third season.

"I've just been told that "Time Of Our Lives" will not be going ahead for season 3," he tweeted. "I want to say thanks for everyone's support of the show."

From left: William McInnes, Stephen Curry and Justine Clarke in a scene from the cancelled ABC series.

From left: William McInnes, Stephen Curry and Justine Clarke in a scene from the cancelled ABC series. Photo: Supplied

Fans immediately began sending messages of support, prompting a second tweet:

"Thanks again for all your messages re "Time Of Our Lives ' not going to season 3, the ABC has had its budget cut which I don't think helps."

News of the axing came unexpectedly for many at the ABC however, with some connected to the series surprised to hear of its demise given no official statement had been released.

That statement finally arrived on Friday, confirming The Time of Our Lives had indeed run out of time and that funding was to blame.

The tone of the statement also suggested the ABC might not have been too appreciative of Jacobson's premature announcement.

"We don't normally get drawn into discussions about which shows will be returning until all of our locally commissioned and produced dramas have been to air," said Brendan Dahill, ABC Television's head of programming, "and the last of our locally produced dramas (The Code) is due to start transmission in a few weeks time."

"We are in the enviable position of having a rich slate of successful local drama. Sadly with finite funding levels not all of them can return.

"The Time of Our Lives has been a fresh and important drama. However, we've decided it won't be returning in 2015. We would like to thank the producers Judi McCrossin and Amanda Higgs as well as the stellar cast for all of their hard work over the last two years."

It is expected The Time of Our Lives will not be the last ABC series to be cut as budgets are tightened.

"Over the next few weeks we will be deciding officially which shows we can progress into 2015and they will be announced alongside our new drama at our Up Fronts," Dahill said.