The Tigers were to play two Tests and three one-day internationals in Australia in August and September.
"Australia communicated to us that the series could not be arranged for financial reasons. It is very unfortunate as we were hoping that the series would be a good playing opportunity for our players," Bangladesh Cricket Board chief executive Nizamuddin Chowdhury told AFP.
Bangladesh have not visited Australia since 2008 when they played three one-day internationals. The minnows have not played a Test in Australia since 2003.
Cricket Australia chief executive James Sutherland told the Cricinfo website that the Test series could not be arranged as it coincided with Australia's football season and it was difficult to find a broadcaster.
The BCB chief executive said Bangladesh had proposed a shorter series but did not get a response from Australian authorities.
Bangladesh hosted Australia for a two-Test series last year which ended in a draw.
First Published: May 11, 2018, 6:36 PM IST