The South Australian government has been advised by the project's managing contractor that to deliver a centre within the existing $200 million budget would require a significant reduction in its scope.

The government has been told that to produce a centre to celebrate all forms of First Nation's culture would require an extra $50 million.

"We only get one chance to get this right," Premier Peter Malinauskas said on Monday.

"Put simply, it doesn't make sense to invest $200 million of taxpayers' money for a sub-standard outcome which will fail to deliver a centre of international significance.

"I am determined to ensure this is a project which delivers for our state for the long term, both culturally and economically."

The review will be conducted by former federal Indigenous affairs minister Ken Wyatt, former NSW premier and senator Bob Carr and former investment banker Carolyn Hewson.

Mr Malinauskas said he was confident they would chart a path to ensure the centre was a landmark befitting the rich cultural history of Indigenous Australians.

The centre is to be built on Lot Fourteen in the city, the site of the old Royal Adelaide Hospital.

Early remedial and foundation works have been undertaken but further progress is on hold, pending the outcome of the review.

Mr Wyatt, Mr Carr and Ms Hewson have been asked to report back to the government as soon as possible.

Australian Associated Press