The Australian Rugby Union's confirmed it won't be bidding to 2015 or 2019 Rugby World Cup tournaments.
Despite the success of the 2003 World Cup in Australia, the ARU's baulked at the asking price to host the tournament.
The IRB is seeking almost $210 million guarantee from the host nation for the 2015 event and almost $250 million for 2019.
The host nation also has to bear all the tournament's cost, relying solely on ticket sales for revenue.
England's announced its bid to stage the 2015 tournament with South Africa expected to bid for either 2015 or 2019.
The ARU says it's unable to provide the guarantees necessary and rather than submit a tender that would be ruled ineligible, it's decided to withdraw from the tender process.