The NSW premier is confident the new Sydney Football Stadium will be completed by 2022 as planned despite the government not having a contracted builder.
The coalition government late last week revealed the stage two offer from Lendlease - which knocked down the venue at Moore Park - did not meet its expectations and the search was on for another builder.
The total budget for knocking down and rebuilding the stadium is $729 million.
Premier Gladys Berejiklian on Monday admitted there'd never been a construction contract in place despite the government announcing in December that Lendlease was "the construction contractor".
AAP understands while Lendlease did bid for the construction phase, the government wanted the firm to do the work for less than it thought feasible without cutting corners.
Ms Berejiklian says the government wanted top value for money and Lendlease couldn't deliver that.
"The advice provided to the government was that we could get a better deal - and that's what we're doing," she told reporters on Monday.
"We won't be taken for a ride. We don't want anyone to take for granted the NSW taxpayer. We don't want anyone to take the government for granted."
Labor was quick to accuse the government of misleading the public in the lead-up to the state poll in March.
"The premier and her government went to the election based on a lie," Opposition leader Jodi McKay said in a statement.
"They told the people of NSW they would build a new stadium, they announced they had signed a contract, and now they are saying there wasn't a single contract."
Ms Berejiklian on Monday was asked why the government in late 2018 announced Lendlease as "the construction contractor".
"That was our intention at the time," she replied.
There were "many good people" who could build the stadium and the government expected to issue a contract shortly, the premier added.
"I'm absolutely confident we'll stick to the timeline."
The project is due to be completed by early 2022. The coalition government has also vowed to refurbish ANZ Stadium at Olympic Park at a cost of $810 million.
The projects follow the new $360 million Parramatta Stadium - built by Lendlease - which was opened in mid-April.
Australian Associated Press