Revived U.S. boy band New Kids On The Block has cancelled its August tour of Australia, pinning the blame on the worldwide recession.

On a statement on the official NKOTB Web site, band member Donnie Wahlberg posted: "Despite warnings that the financial problems plaguing the world would compromise the Australian tour, they never gave up on this dream and neither did we. However, I'm sorry to say that now it is true. We are not going to Australia."

He continued: "And quite honestly, we tried very hard to make it work. However, we are, in fact, in the middle of a worldwide recession and we just cannot make it work. That is the simple truth."

Australian tour promoter Andrew McManus confirmed the news on the company Web site.

"Due to circumstances beyond their control, the New Kids On The Block have been forced to cancel their upcoming Australian tour dates," it states. "The group is incredibly disappointed and very sorry they won't be able to perform in Australia at this time. The guys are very grateful for all the love and support from their Australian fans."

The five-piece was due to play arenas in Perth, Adelaide, Melbourne, Newcastle, Brisbane, Sydney and Wollongong from Aug. 1 to 15. Ticket-holders have been offered refunds at point of purchase.