Australia's problem-plagued National Wine Centre could have been rescued and made profitable, according to a newly released independent report.

The study for the government, by independent insolvency consultant Barry Carter, said approaches from major international operators such as the Accor hotel group were ignored by the South Australian Government.

The lavish centre, in the South Australian capital Adelaide, cost A$28m (US$21.4m) to build. Subsequent costs pushed the price above A$30m (US$23m) before it was leased to Adelaide University for 40 years at A$25,000 a year. Carter's report said a new board, a one-off industry contribution and outsourcing could have saved it and turned it profitable.