Australia's Good Vibrations is the latest festival swept-away by the country's saturated market.

In a statement, Good Vibrations' promoters Jam Music says the show will be "rested" for 2012, citing competitive demand for artists resulting in higher artist fees, unpredictable weather and a shifting live music market.

"We will not be going ahead with the festival this year. We will be in touch in due course regarding plans for 2013," notes Good Vibrations Festival's Sydney-based owner and CEO Justin Hemmes.

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The last Good Vibes trek took place in February 2011, when a show featuring Faithless, Sasha and Phoenix swung through four Australian cities. Ticket sales for that tour were understood to have been weaker than anticipated, and no doubt sales suffered even further when headliners Cee Lo Green and Janelle Monae were late pullouts. Organizers subsequently announced that the festival tour would shift from February 2012 to this December. But with Thursday's announcement, those dates won't happen.

The general consensus among promoters Down Under is that the festivals marketplace is overcrowded, talent prices are too high and the pool for top-tier acts is simply too shallow to sustain the year-round activity.

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Good Vibrations is the latest in a growing list of festivals either taking an enforced hiatus, or disappearing from view altogether. Reggae fest Raggamuffin will take "a break" in 2012, according to its promoter Andrew McManus, while Funk N Grooves last year closed up shop. Canberra's long-running Stonefest reconfigured its live rock music component due to slow ticket sales and the '80s-themed Rewind failed to launch. The Great Southern Blues Festival canceled citing "unsatisfactory" ticket sales. Even the once invincible Big Day Out brand endured a tough 2012 outing, and New Zealand will no longer be in the BDO's plans after the Auckland show this year pulled paltry numbers.