NSW Premier Morris Iemma announced changes to his ministry on 16 February 2006 including the promotion of Michael Costa to the post of Treasurer. The ministry now is:

The Hon. Morris Iemma MP
Premier, Minister for State Development and Minister for Citizenship

The Hon. John Watkins MP
Deputy Premier and Minister for Transport

The Hon. John Della Bosca MLC
Minister for Commerce, Minister for Finance,
Minister for Industrial Relations, Minister for Ageing,
Minister for Disability Services, and Vice-President of the Executive Council

The Hon. Bob Debus MP
Attorney General, Minister for the Environment, and Minister for the Arts

The Hon. Carl Scully MP
Minister for Police

The Hon. Carmel Tebbutt MP
Minister for Education and Training

The Hon. Michael Costa MLC
Treasurer, Minister for Infrastructure, and Minister for the Hunter

The Hon. John Hatzistergos MLC
Minister for Health

The Hon. Frank Sartor MP
Minister for Planning, Minister for Redfern Waterloo, Minister for Science and Medical Research, and Minister Assisting the Minister for Health (Cancer)

The Hon. Reba Meagher MP
Minister for Community Services, and Minister for Youth

The Hon. Sandra Nori MP
Minister for Tourism and Sport and Recreation, Minister for Women, and Minister Assisting the Minister for State Development

The Hon. Ian Macdonald MLC
Minister for Natural Resources, Minister for Primary Industries, and Minister for Mineral Resources

The Hon. Tony Kelly MLC
Minister for Justice, Minister for Juvenile Justice, Minister for Emergency Services, Minister for Lands, and Minister for Rural Affairs

The Hon. Diane Beamer MP
Minister for Western Sydney, Minister for Fair Trading, and Minister Assisting the Minister for Commerce

The Hon. Joe Tripodi MP
Minister for Energy, Minister for Ports and Waterways and Minister Assisting the Treasurer on Business and Economic Regulatory Reform

The Hon. David Campbell MP
Minister for Water Utilities, Minister for Small Business, Minister for Regional Development, and Minister for the Illawarra

The Hon. Grant McBride MP
Minister for Gaming and Racing, and Minister for the Central Coast

The Hon. Kerry Hickey MP
Minister for Local Government

The Hon. Eric Roozendaal MLC
Minister for Roads

The Hon. Cherie Burton MP
Minister for Housing, and Minister Assisting the Minister for Health (Mental Health)

The Hon. Milton Orkopoulos MP
Minister for Aboriginal Affairs, and Minister Assisting the Premier on Citizenship