A statement has been issued about Home and Away's future amid reports it is facing the axe 1 week ago

A statement has been issued about Home and Away's future amid reports it is facing the axe

Looks like we're going to be staying in Summer Bay for awhile yet.

TV bosses in Australia have responded to the reports Home and Away is going to be moved or axed.

Earlier this month, there had been rumours that the long-running soap was facing being axed after 31 years.

The soap's "plummeting" ratings were said to be putting network executives under pressure to make "significant changes" to the programming schedule - and the soap itself.

The possible changes were said to include taking the soap out of its traditional time slot of 7pm.

However, the boss of Seven Network has called the reports "utter drivel", assuring Home and Away fans that they had absolutely nothing to worry about.

Angus Ross, Director of Network Programming, told Metro:

"The hard working cast and crew on Home and Away produce the most-loved and most-watched Australian drama on television.

"I can assure fans that the story is utter drivel. There are absolutely no plans to move it from its 7PM timeslot on the main channel."

The long-running Aussie soap, which airs on RTÉ 2 in Ireland, has had the 7pm timeslot on the TV Network Seven for more than 30 years.

Home and Away has been responsible for a number of iconic characters in soap land, like Alf Stewart and Sally Fletcher.

It has also given a number of Australian actors their big break, like Thor's Chris Hemsworth, Isla Fisher, Ryan Kwanten and Heath Ledger.