After failing to break an impasse with the NSW government, Supercars have swung the axe on the Newcastle 500.
Despite hopes the street race would continue for another five years, Supercars on Thursday confirmed the season opener had been scrapped.
"Supercars held productive discussions with Newcastle City Council earlier this week, regarding the future of the event," a statement read.
"As part of that discussion, it was mentioned that in the event Newcastle cannot proceed in 2024, alternative options have been explored."
City of Newcastle Lord Mayor Nuatali Nelmes said there was a miscommunication between the state government and Supercars over the future of the race.
"The five-year extension to the contract, that was part of contractual negotiations, but the NSW government and Supercars could never agree on a funding arrangement or proposal for that five years," Ms Nelmes told AAP.
"I received a call on Monday from the CEO of Supercars and it was pretty clear that they made a decision to not go ahead in Newcastle next year."
The decision comes after a recent survey by the City of Newcastle found that more than half of the local residents did not want the race to return.
Residents have raised concerns about dust, noise and alleged impending disruption since the race was first held in 2017 to replace the Sydney 500.
The race became the annual Supercars finale in the first three years of its existence, before dropping off the calendar because of the COVID-19 pandemic.
Defending Supercars champion and recent Bathurst 1000 winner Shane van Gisbergen took out the relaunched Newcastle 500 this year.
Bathurst's Mount Panorama has been primed as the best location for the race, though state legislation may get in the way.
Under the Mount Panorama Motor Racing Act, only five motorsport events can be held during a calendar year, with four already slated for the 2024 season.
Supercars have yet to comment on whether they have discussed the season-opening event.
The championship race continues next week at the Boost Mobile Gold Coast 500, with Brodie Kostecki holding a 131-point championship lead over van Gisbergen.
