The Australian Masters has been axed for 2016, organiser IMG has announced.

The tournament was first held in 1979 and major champions Tiger Woods, Adam Scott and Justin Rose are all past winners.

Australian Peter Senior, 56, became the oldest winner in the event's history last November.

As it suffered from an inability in recent years to attract the biggest names in golf, who were drawn to the Australian Open instead, IMG was given cause to re-think the event.

A statement from IMG's David Rollo read: "As part of IMG's ongoing evolution of its golf events business, the company is in the process of re-imagining its Australian Masters event to ensure the delivery of a world-class experience."

Rollo is IMG’s vice president and director of golf for Australia and New Zealand.

He added: “To best execute a change of this scale, IMG today announced that the Australian Masters will not be played in 2016.

“IMG will unveil its new plans for the event in the coming months.”