Cricket Australia Tuesday told Pakistan authorities that their team's upcoming tour to Pakistan starting late this month was postponed over security fears.
"It is disappointing to lose a series against a team like Australia but we have been in touch with other countries to give our team some cricket and as a replacement we hope Bangladesh will tour us," Pakistan Cricket Board (PCB) chairman Nasim Ashraf told a press conference.
Pakistan are negotiating a five-match one-day series and a Twenty20 international with Bangladesh early next month.
Pakistan last month also invited India for five one-day matches as an alternative if the Australians refused to tour, but the archrivals turned down the invitation citing a busy schedule.
Ashraf said he hoped the Australia tour would be rescheduled once they get security clearance.
"The Australian series is not cancelled, it is postponed for the time being and we hope that once their security team gives clearance Australia tour us whenever they get a time slot," said Ashraf.
The PCB chief denied that Pakistan faced financial losses because of the postponement.
"Since the series will be played we are not going to lose any finances and we are sure that it will be rescheduled," said Ashraf.
He said the PCB had insured the Australian series with a British based company for a sum of seven million dollars -- the reported value of an Australian series in television rights.
Ashraf said he would meet CA chairman Creagh O'Connor in Dubai next week.
"We have conveyed our disappointment over the tour postponement and now I am going to meet the CA chairman in Dubai on March 17 where we will talk about the series and other matters relating to the series."
Pakistan managed to avoid any financial losses when they were forced to play their home series on neutral grounds in 2001 and 2002.
The West Indies and Australia refused to tour Pakistan because of security fears following the 9/11 attacks on the United States and the US-led invasion of Afghanistan, which borders Pakistan.
The series were played in Sharjah and Sri Lanka.
This time Pakistan refused to switch the Australian series to neutral venues, saying it would be of no use to Pakistan cricket.