South Australian Treasurer Kevin Foley has admitted he knew about a cost blowout for the proposed Adelaide Oval redevelopment before the election was called this year.

Mr Foley said in Parliament last week he was first told of a cost blowout 10 days after the March 20 election.

But now he has admitted there was a meeting on February 19 at which the head of the SANFL, Leigh Whicker, warned him of increased costs.

"I was concentrating on the Stadium Management Authority meetings. I had completely forgot about a meeting I had the day before we called the election," he said.

"I did not hide it, I did not keep it a secret. I knew I'd made a mistake, I told plenty of people in government that, it was an honest error.

"Why would I go into Parliament, knowingly lie, when people knew I had a meeting with Leigh Whicker? I'm not that dumb - I got full of myself and made a statement to the Parliament that was wrong and the record needs to be corrected."

Mr Whicker is also the head of the Stadium Management Authority.

Authority chairman Ian McLachlan said the Government's steering committee was alerted in February about cost pressures, but the Government was written to formally at the end of April about a cost blowout.

"I can't remember what we said but we would have said, probably informed them ... the whole thing was very difficult and tight. We told them that a number of times and then we went into caretaker mode for the election so we didn't have any meetings - it was inappropriate," he said.

Another $85 million of state funding was committed to the project last month, taking the SA Government's contribution to $535 million.

Shadow treasurer Iain Evans is demanding drastic action.

"There is a very high standard for Ministers. Ministers that mislead the Parliament resign. That is a Westminster standard," he said.

The Treasurer says he will correct the record in State Parliament as soon as he can.