Criterion put the Burnout series on hold to give the studio time to work on the Need for Speed reboot (Need for Speed: Hot Pursuit). In the meantime there hasn't been a new title in the series since Burnout Paradise, which was released in 2008. A listing on the Australian Classification Board for a Burnout title hints at a new multiplatform release known as Burnout Crash.
Burnout Crash is likely to be in development for PC, PS3 and Xbox 360 and will hopefully be officially revealed soon. If the game is being rated already, it;s possible that the game is a downloadable title and not a full sequel to Burnout Paradise.