In a blog posting on their websitesaid: "We are, in fact, in the middle of a worldwide recession and we just cannot make it work."
He added they had "exhausted efforts" to get the tour off the ground but it was proving to be "too complex".
Last year the band, known for Right Stuff and Hangin' Tough, reformed and released their first album in 14 years.
Since then the band has been touring around the US.
Wahlberg said: "In response to so many of the Aussie fans' amazing efforts and the collecting of signatures of thousands - our promoters, as well as our management team, worked incredibly hard to make an Australian tour a reality.