The festival's founder Phillip McIntosh said it was a sad decision, but a necessary one in light of the growing coronavirus uncertainty across the country.

"We apologise to all our enthusiastic supporters who planned to travel to Wagga Wagga for the event and who have enjoyed it so much over previous years," Mr McIntosh said.

"It is our clear intention to continue the event in the future - making it a bigger and better experience in coming years."

The event is the biggest fundraising event for Wollundry Rotary Club, which donate the proceeds every year to local charities.

Last year's festival brought in 2962 riders and over 3000 visitors, generating an estimated $1.8 million in economic activity for Wagga businesses.

"We're just so bitterly disappointed that we can't support the local community and we can't get all the mums and dads and kids out there to this event, because they've supported this event for the past six years and it's been absolutely extraordinary," Mr McIntosh said.

"We had to make sure we were doing the right thing for the community, our participants, and all the service providers who help us run the event."

However Mr McIntosh said his fellow Rotarians were already hatching plans for 2021's event, which would be "bigger and better" than ever before.

The event was due to the held over the long weekend.

All participants who had already registered for the rides will receive refunds in the coming days.