The new cabinet was sworn in at Government House at 12.30 today.
Police Minister Carl Scully has been given additional responsibility for utilities and will be responsible for dealing with Sydney's water and electricity needs.
John Hatzistergos becomes Minister for Health and Frank Sartor is Minister for Planning, keeping his responsibilities for the Redfern-Waterloo redevelopment.
Senior minister John Della Bosca has maintained his same portfolios, which include Special Minister of State, Minister for Commerce and Minister for Industrial Relations.
Bob Debus remains Attorney General and Minister for the Environment but picks up responsibility for the arts.
John Watkins, who is likely to become Deputy Premier, remains in the difficult portfolio of Transport but also picks up responsibility for State Development.
Mr Iemma has given himself responsibility for Treasury, which means that he, Mr Costa, Mr Della Bosca and Mr Watkins will now form the team driving the economic direction of the state.
Carmel Tebbutt remains Minister for Education.
Reba Meagher remains Minister for Community Services and Diane Beamer has survived to remain in cabinet as Minster for Western Sydney and Minister for Fair Trading.
Tony Kelly has received a promotion and will become Minister for Justice, Juvenile Justice, Emergency Services and Land.
Joe Tripodi becomes Minister for Roads.
Three new ministers, still to be elected by caucus next week, will be given the portfolios of Aboriginal affairs, ports and waterways, and housing................
"Today represents the start of a new era in NSW," he told reporters.
"The Government is vibrant and enthusiastic with energy.