Recession has drowned the Australian Swim Fashion Week this year with no sponsors coming forward to finance the event. The event was launched last year at sanctuary Cove in the Gold Coast by IMG Fashion Australia and had met with a very encouraging response from fashion buyers and extensive coverage in the local and international media. Daniel Hill, general manager IMG Fashion Australia, reportedly said, "It was a fantastic event held in 2009 and it is our obligation to make sure we are supporting the local industry." Considering beach wear is practically the national dress of Australians, this is truly a shame.