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

Tiger Woods, Adam Scott and Justin Rose are all previous major winners who have won the event, which was first held in 1979.

"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" said IMG's vice president and director of golf for Australia and New Zealand, David Rollo, in a statement.

The tournament has failed to attract some of the bigger names in golf in recent years, those opting instead to compete in the Australian Open instead, and thus IMG have given cause to re-think the event.

"To best execute a change of this scale, IMG today announced that the Australian Masters will not be played in 2016" he continued.

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