The fate of the Powerhouse Museum at Ultimo is far from sealed with the Berejiklian government conceding no binding contracts would be in place by the March election that will lock in a future government.

Arts Minister Don Harwin has appointed consultants to oversee the architectural design competition for the museum's new Parramatta riverside site, while at Ultimo master planning has begun for a new cultural and start-up precinct, including a new theatre, a fashion and design museum and residential and commercial development.

Further work was being undertaken to complete a separate final business case for Ultimo, which would enable financial investment decisions to be made about the site by the end of the year.

"It's full steam ahead," Harwin told the long-running parliamentary inquiry into the Powerhouse relocation on Wednesday.