UPDATED 6.43PM: There is a call for the Government to put ego aside, and focus on fixing Christchurch.

A Treasury report has blasted the central city rebuild as the worst performing of the Government's major projects, just as a 2500-strong, hand-signed petition was delivered to Labour Party leader Andrew Little from Christchurch homeowners calling for a Royal Commission of Inquiry into earthquake repairs. 

Treasury gave the central city rebuild a red rating denoting major issues - the only project to receive such a low rating. 

However, Earthquake Recovery Minister Gerry Brownlee said it's not as bad as it seems, labelling the latest review as "the most appalling analysis he's ever seen".

LISTEN ABOVE: Gerry Brownlee talks to Larry Williams

"You know it's one of those things. It's a guide I suppose that some people might like to use, but not something that's causing any great concern the moment."

Brownlee said of all the opinions he receives on Christchurch's rebuild, Treasury's is not one he gives any weight too.

"Look these people are unelected, anonymous officials who frankly, never account for the public and simply operate as general critics of anything that anyone's doing that requires the expenditure of funding."

It's the second report in a row where Treasury has given the rebuild the worst possible grade and Labour's Canterbury spokesperson Megan Woods said it's time Brownlee took notice.

"This is the same report that came out at the end of last year, and Gerry spent all of his time attacking Treasury, rather than listening to the very strong messages that were in there about what needed to change."

The report said the transition from CERA could slow down the rebuild as new leadership learns the ropes.

Woods said that's one of the most alarming parts of the report, and Brownlee shouldn't just dismiss it.

"We've all put a great deal of faith in a new process on the hope that will actually see something happening to our central city. That's what I want to see, and I hope the Minister is taking the appropriate action."

Woods said it's about time the Minister started setting himself some deadlines, because he'll be judged on the rebuild's success or failure.

"Cantabrians just want a central city. They're sick of seeing grey urban wastelands in the middle of their city."

Christchurch's mayor said there's no way the transition between CERA and the new Regeneration agencies will slow the rebuild down.

Mayor Lianne Dalziel said they're not going to let that happen.

"We've instructed our chief executive -- and I know the Government's done this as well -- that these agencies will hit the ground running, there will be no break in pace".

Brownlee said the rebuild could be happening much faster, if Treasury got creative about how to generate more money.

"The same people who have written this report saying we haven't made enough progress are the ones who are fighting us on funding some of these projects. They can't have it both ways, it's ridiculous.

"The projects are still on. They're still likely to happen, it's just that the work you have to do to get them underway is a little longer than they would presumably anticipate."

Brownlee said Bill English, the Minister for Treasury, completely supports the rebuild.