The cost of the multimillion-dollar renovation of the Reserve Bank's Martin Place headquarters could surge by even more than its current billion-dollar blowout.

The price tag attached to the project was initially $260 million, but that has since ballooned to $1.2 billion due to a huge amount of asbestos found in the building.

When asked about the renovation by federal parliament's economics committee today, RBA governor Michele Bullock warned the cost could blow out even further.

"I'd have to say not 100 per cent confident," Bullock said when asked how sure she was that the budget would stay at the current $1.2 billion.

"But that's part of the reason why, under the new governance board, we've got some very targeted stage gates, which we're going to be looking at, and how the costs are

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