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Sydney's St Patrick's Day parade and family day cancelled for 2016

Organisers of Sydney's St Patrick's Day Parade have confirmed that the event has been cancelled for 2016, with serious doubt hanging over its future.

In a statement, event organisers cited funding problems for cancelling the parade and Family Day, which in the past has been Australia's single largest Irish event.

"The current financial situation of the organisation, coupled with the construction works in the Sydney CBD, have unfortunately resulted in the event being cancelled for 2016," the statement said.

Serious financial issues have plagued the event since 2014, when a rainstorm hit Sydney just as the parade began.

According to the Irish Echo, the event is in a trading halt until outstanding debts are paid. They are believed to be in the region of $140,000.

The committee has traditionally relied on the Irish Australian community and businesses to help fund the high costs of running the event.

Organisers hope to bring the parade and Family Day back for 2017, with several fundraising strategies in place to help pay off remaining debt.