The Treasurer, Michael Costa, has pinned his future on the sale of the state's electricity assets, saying he will "not hang around in politics if we're not doing reform". 

In a wide-ranging interview with the Herald yesterday, Mr Costa also claimed Labor's state president, Bernie Riordan, had forfeited his right to the job with his outburst against privatisation this week.  

He claimed Mr Riordan had already told him that he supported the sale of the $4 billion retail arm of the electricity industry.

And in an unusually philosophical assessment of how his term as Treasurer will be judged, Mr Costa admitted: "I accept that politics is modern Greek tragedy." 

But asked if he would resign if the Premier, Morris Iemma, was to waver in the face of union and party pressure and wind back the $15 billion sale plan, Mr Costa said: "He won't waver on this. I certainly will not hang around in politics if we're not doing reform … [but] this will go ahead." 

In an extraordinary attack on Thursday, Mr Riordan - who is also the secretary of the Electrical Trades Union - accused Mr Costa of driving the sale to improve his résumé for a job with a merchant bank.

He said Mr Costa made no secret of the fact he would soon leave politics, even offering Mr Riordan his upper house seat. 

I'll Quit If Power Sale Blocked, Vows Costa