The event is in doubt after the state of Victoria withdrew from hosting duties over spiralling costs.
The Gold Coast has withdrawn its bid to host the next Commonwealth Games, ending any hope the tournament could still be held in Australia.
The coastal city hosted the 2018 Games, and mayor Tom Tate had – unilaterally – insisted it could do it again.
But the federal and state governments have repeatedly ruled out supporting the event, as had his own deputy mayor.
Organisers have said they may have to postpone or cancel the next instalment of the Games.
The Commonwealth Games are a multi-sport tournament that take place every four years. They have only ever been cancelled during World War Two. To be eligible to participate in the games, competitors must be from one of over 70 nations or territories – many of which were once part of the British Empire.
The Commonwealth Games Federation (CGF) had struggled to find a host for the 2026 Games before Victoria volunteered, and a month after the state’s withdrawal, the only contender for the 2030 Games – the Canadian province of Alberta – also dropped its hosting plans.
There are no other firm bids to host either the 2026 or 2030 Games. Governments say the cost of the event is skyrocketing, while experts argue its global image and perceived relevance is waning.
Organisers had originally estimated the Victorian Games – hosted across cities including Geelong, Bendigo, and Ballarat – would cost A$2.6bn (£1.4bn; $1.bn), but the government said it had ballooned to over A$6 bn.
Mr Tate had said the Gold Coast could host a “streamlined” version of the event for A$700m and had floated the idea of sharing the tournament with the city of Perth – a six-hour flight away.
He says his plan had attracted support from Australian billionaires like Gina Rinehart and Gerry Harvey and athletes who are desperate for the event to proceed, but that it could not win over the Queensland or federal governments.
“We did our best and that’s all people can expect,” Mr Tate said in a statement on Sunday.
Australia will now be known as “a place that reneges on a global sports contract”, leaving its reputation “in tatters” he added.
Commonwealth Games Australia (CGA) had stated they wanted to keep the Games in Australia, but chief executive Craig Phillips said he understood Mr Tate’s decision.
“CGA, alongside our colleagues at the CGF, are working tirelessly to find an alternative solution for the athletes of Australia and the Pacific and conversations continue on four continents including here at home,” he said, according to the Gold Coast Bulletin.