Cricket Australia (CA) chief executive James Sutherland said in a statement that the information the national governing body had received surrounding security risks left it with no option but to withdraw its team from the tournament, scheduled to take place from January 27 to February 14.

The decision comes just a few months after CA opted to postpone their Test team’s tour of Bangladesh, citing similar concerns.

Australia were due to play two Test matches against Bangladesh in Chittagong, with the first scheduled to start on October 9, but CA withdrew the team after Italian aid worker Cesare Tavella was shot dead in capital city Dhaka, with militant group Islamic State claiming responsibility.

Sutherland said CA had since monitored the situation closely with head of security Sean Carroll travelling to Dhaka.

"Regrettably, the advice from our Government suggests that the security threat to Australians travelling to Bangladesh remains as high now as it was when we postponed the Test team's tour of that country late last year," said Sutherland.

"Included in that is reliable information suggesting there is a high threat to Australian interests in Bangladesh.

"In the end, with all of the information we have received, we feel we had no alternative other than to make this difficult decision."

The International Cricket Council (ICC) formally confirmed in October that Bangladesh would host the competition subject to the development of an "appropriate security plan".

The global governing body admitted  it is disappointed with CA’s decision, but has stressed that security at the event is of the required standard.

"The ICC takes its responsibilities around the safety and security of our events extremely seriously," said chief executive David Richardson.

"Taking into consideration the full and unequivocal support of the Bangladesh Government that has been afforded to us at the highest level and through all local security agencies, the advice we have received from our own and independent security experts, and the robust security plan that has been developed, the ICC remains of the view that it is appropriate for event planning to continue as scheduled."

The ICC has invited Ireland, runners-up at October’s qualifying event in Malaysia’s capital Kuala Lumpur, to replace Australia in the tournament.

Nazmul Hassan, President of the Bangladesh Cricket Board, described Australia’s withdrawal as "unfortunate".

"We are ensuring highest security," he told Reuters.

"We don't see any security issues in Bangladesh.

"You just can't stop games considering one or two incidents.

"Terror attacks are happening everywhere in the world.

"But games are taking place."

Australia won the inaugural edition of the Under-19 World Cup in 1988 with further triumphs following in 2002 and 2010.