Newly sworn-in NSW treasurer Eric Roozendaal isn't ruling out new taxes, after taking the reins of the state's economy.
Treasury officials have painted a grim picture of the economy after plans to privatise the state's electricity sector were shaken-up.
Despite scepticism about his qualifications, Mr Roozendaal insists he has the necessary experience to get the state back on track.
“This is a position that I’ve sought, I believe I can serve the people of New South Wales,” he said
“I’ve been on Budget committee for a couple of years and I think there’s a big job to be done and I want to step up and do it.”
But the Opposition claims some of Premier Nathan Rees's most high-profile front-benchers do not have what it takes to manage the economy.
Opposition Leader Barry O'Farrell says it is a real concern to have Eric Roozendaal and Joe Tripodi in charge of the economy.
"This [Rees] is a bloke who's not serious about fixing problems across NSW.
"He promises to be different, promises to focus on fiscal responsibility but hands the keys to the economy to Joe Tripodi and Eric Roozendaal, whose only experience with numbers relates to making and breaking Premiers and stacking branches."
1:00 PM
New NSW Roads Minister Michael Daley denies the state is on shaky financial ground.
NSW Premier Nathan Rees’s cabinet has been sworn in this afternoon with the member for Maroubra one of several new faces in the line up.
It's been suggested delays in a host of infrastructure projects means the state is losing money , but Mr Daley has told 2GB’s Luke Bona that's not right.
“Any talk that the state is broke – that it’s running out of money – is absolute nonsense,” he said.
“What we’ve got is pressures on our budget. We’ve got a burgeoning health portfolio that’s demanding more money every day and a cyclical outturn in stamp duty revenues.
“Well, welcome to state government.”
Other new faces include David Borger with housing ,and Virginia Judge with fair trading , gone are Micheal Costa , Reba Meagher and Frank Sartor .
11:30 AM
NSW Premier Nathan Rees has finalised his new cabinet, naming Eric Roozendaal as the state's new treasurer and putting John Della Bosca in charge of health.
After announcing the members of the frontbench yesterday, Mr Rees today revealed the allocation of portfolios.
John Hatzistergos remains attorney-general, while Deputy Premier Carmel Tebbutt takes on the climate change and environment portfolio as well as commerce.
David Campbell has been promoted from the police portfolio to the important transport ministry, while Verity Firth takes over education and training, as well as women.
Axed minister Frank Sartor's planning responsibilities have been handed to Kristina Keneally, while Maroubra MP Michael Daley enters cabinet as roads minister.
Joe Tripodi retains ports and waterways, and regulatory reform, but adds the title of finance minister and infrastructure minister.
Matt Brown takes on the police portfolio, leaving his former housing responsibilities to new frontbencher David Borger.
Phillip Costa is minister for water, rural affairs and regional development, while Tony Kelly is industrial relations minister, but also heads the emergency services and lands portfolios.
Newcomer Jodi McKay is tourism minister and minister for the Hunter, while Paul Lynch is minister for Aboriginal affairs, ageing and disability services.
Mr Rees acknowledged the scope the shake-up.
“It is an extraordinary change of the landscape,” he said.
“We recognised the seriousness of the situation we faced. We recognised that the people of New South Wales were fed up with how we were running the place.
“This is about reflecting their desire for change – now – and then making me accountable for improving the services, the standard of services and the delivery of infrastructure services around NSW.
“And at the end of the day I’m the one who’s accountable for this. The ministers are accountable to me and… I’ll be accountable to the people of New South Wales.
“They’ll get a day out of me every day.”
Who's going where in NSW
Carmel Tebbutt: Climate change and Environment & Commerce
John Della Bosca: Health
Joe Tripodi: Ports and Waterways & Finance and Infrastructure
Eric Roozendaal: Treasurer
Tony Kelly: Industrial Relations, Emergency Services and Lands
David Campbell: Transport
Matt Brown: Police
Kristina Keneally: Planning
Verity Firth: Education and Training & Women
Paul Lynch: Aboriginal Affairs, Ageing and Disability Services
Phil Costa: Water, Rural Affairs & Regional Development
Michael Daley: Roads
Jodi McKay: Tourism & the Hunter
David Borger: Housing
Linda Burney: Community Services
Virginia Judge: Fair Trading, citizenship and Assisting Arts
Tony Stewart: Small Business, Science and Medical Research
Kevin Greene: Gaming and Racing & Sport and Recreation
Graham West: Juvenile Justice, Youth & Volunteering
Ian Macdonald: Primary Industries, Energy & Mineral Resources
Barbara Perry: Local Government