Hobart’s 'Taste of Tasmania' festival will receive significant funding cuts after the Hobart City Council unanimously voted to reduce their financial commitment over the next three years.

The 2018-19 event injected $46.9 million into the Tasmanian economy, with Hobart alone receiving $26.8 million dollars.

The Hobart City Council has asked the State Government to foot the rest of the bill, which is expected to fall between $250,000-$500,000.