Included in the list of assets to be privatised are Fremantle Port, the TAB, government offices, Western Power street light, power stations and some LandCorp land holdings. 

The 2015-16 budget sees a deficit of $2.7 billion, the largest in WA history. 

Another deficit is forecast for 2016-17 in the hopes of returning to surplus at the 2017-18 budget.

WA Premier Colin Barnett said the government had decided to sell some assets in order to continue the vital task of building the economic infrastructure of the state without adding to debt. 

“The decision to pursue a sensible program of further asset sales will enable the government to build new infrastructure to support future growth without putting further pressure on the state’s finances,” Mr Barnett said.

Treasurer Mike Nahan said the government had responded to the ‘perfect storm’ of economic conditions.

"We are determined to return the budget to surplus by vigorously pursuing reforms and efficiencies throughout the public sector while minimising the impact on business and families," Dr Nahan said. 

"This is a responsible budget that aims to meet the economic challenges facing the State, recognising that the fundamentals of the Western Australian economy remain strong over the longer term."

Opposition leader Mark McGowan was far less impressed, taking to Twitter to voice his disappointment with the 2015 WA State Budget and to criticise the Premier. 

"Colin Barnett has blown the budget," he wrote.

"It is the worst in our state's history and now he’s flogging off valuable assets in a panicked fire sale.

"How on earth did we get from boom to bust so quickly? The answer is Colin Barnett."

This year's budget included a number of increases in household fees and charges, set to cost the average family an extra $198.54 a week, an increase of 3.81 per cent. 

The increases, which take effect from July 1, include a 4.5 per cent increase in residential electricity tariffs and the Water Corporation's total water tariffs, a 2.6 per cent increase in public transport standard fares and a 10.6 per cent increase in the Emergency Services Levy.

A number of changes to licencing fees sees a 2.7 per cent increase in drivers' licence fees, a 2.6 per cent increase in motor vehicle licence fees and a 4.1 per cent increase in compulsory third party insurance premiums. 

The state government said electricity charges remain lower than the national average while public transport fares are the lowest in the nation. 

The state's share of the GST will fall from 37.6 per cent of our population share in 2014-15 to a new historic low of 30 per cent in 2015-16, bringing WA's GST revenue to less than $2 billion. 

This is despite the GST pool more than doubling in that time and an increase in WA's population from 9.8 per cent of the national total to 11.2 per cent. 

First home buyers will no longer be able to claim the $3000 grant for purchasing an established home, saving the government $109 million, but they can still receive a grant of $10,000 if they build their first home.  

This will align WA with all other states and first home buyers will continue to benefit from an exemption of transfer duty when purchasing a new or established home up to a value of $430,000 and vacant land valued up to $300,000. 

Homeowners with an investment property worth $500,000 to $1 million will see their land tax increase from $220 a year to $500, bringing in an extra $826 million for the government. 

The state government has also committed to protecting those catastrophically injured in motor vehicle accidents. 

This scheme will add an extra $99 to each driver's yearly bills. 

From July 1, 2016, those seriously injured in a WA road crash will be covered by a no-fault compulsory third party insurance scheme. 

The scheme will provide long-term care and support to those with catastrophic injuries - defined as spinal cord injuries, traumatic brain injuries, multiple amputations, severe burns and permanent traumatic blindness. 

The state government has reviewed its concessions on local government rates, electricity and water to help seniors in need. 

With WA's seniors population set to double over the next two decades, Seniors and Volunteering minister Tony Simpson said the current state government expenditure on concessions for seniors was not sustainable in its present form. 

“The Government values the contribution of seniors to WA and is committed to supporting their active participation in the community,” he said.

“However, with the population of seniors continuing to grow, it is vital we ensure we can provide support to those seniors who have the greatest need.”

Among the changes for seniors, Energy Assistance Payments through the cost of living allowance will be means tested and the eligible age for WA Seniors Card holders will increase from 60 to 65 by 2023-24. 

From 2016-17, a cap of $550 will be applied to the 50 per cent rebate available to pensioners for local government rates and a cap of $600 will be applied to the 50 per cent rebate available to pensioners for their water service charge. 

From the same period, seniors will be eligible for a discount on the WA Photo ID Card for identification purposes. 

Roads

• An additional $43.5 million will be spent in 2015-16 on a range of infrastructure initiatives to improve road safety outcomes in Western Australia.

• An amount of $40.3 million will be invested over 2015-16 to 2017-18 on upgrades to sections of Great Northern Highway.

• Main Roads will spend $28 million over 2015-16 to 2017-18 to install a number of physical network improvements to alleviate traffic congestion on metropolitan roads.

• $25 million will be spent over 2015-16 to 2016-17 to enhance accessibility for vehicles, cyclists, pedestrians and public transport to the Aubin Grove Train Station (with the station to be completed in late 2016).

Public Transport

• An additional $53.4 million will be invested between 2015-16 and 2018-19 (plus $66.4 million between 2019-20 and 2021-22) to replace the existing analogue radio system used by Transperth train operations with a new digital radio system.

• $5 million will be spent in 2015-16 on project planning for the procurement of the next generation (C-Series) of Transperth railcars. In total, 50 six-car sets (300 railcars) will be delivered over 10 years from 2019 at an estimated total capital cost of $1.2 billion, including railcar investment previously recognised in the Forrestfield-Airport Link project.

• $18.7 million will be spent on the Transperth rail network across 2015-16 and 2016-17 to reduce the likelihood and severity of disruptions to rail services as a result of unforeseen events such as overhead dewirements.

• $15.5 million across 2015-16 and 2016-17 will be spent to replace the heavily used escalators in the Perth Underground and Esplanade train stations.

Electricity

• An additional $140.4 million will be spent in 2015-16 in addressing safety and reliability issues in the Western Power network primarily for the treatment of wood poles and conductors, as well as bushfire management and distribution and transmission capacity expansion.

• Up to $30.1 million will be spent to upgrade Horizon Power’s transmission network for the Pilbara Power Project. This will accommodate the greater electricity load of the new power station on the existing network.

Police

• An additional $16.8 million will be spent from 2015-16 to 2018-19 to continue the program of critical refurbishments and upgrades to existing metropolitan and regional facilities.

• An amount of $3 million will be invested in 2016-17 to progress the development of closed circuit television network infrastructure across Western Australia (in addition to $4 million in recurrent spending).

Parks and Wildlife

• $18 million will be spent over three years from 2015-16 to construct the first stage of the Bunbury Headquarters building for the Department of Parks and Wildlife.

Corrective Services

• Capital expenditure of $22 million from 2014-15 to 2016-17 has been approved for a new standalone Women’s Custodial Centre.

Fire and Emergency Services

• An additional $17.3 million will be spent from 2015-16 to 2018-19 on the replacement of incident control vehicles, road crash rescue trailers and special purpose vehicles.

Land

• LandCorp, in partnership with the private sector, will spend $26.8 million over 2015-16 to 2018-19 to revitalise Rockingham through the development of a marina and tourism precinct at Mangles Bay including accommodation for up to 500 boats, tourism facilities and retail, commercial and residential land.

Health

• An additional $11.5 million will be invested in 2015-16, bringing total investment to $19 million, to meet key infrastructure needs and support the operation of Royal Perth Hospital following the transition of some services to Fiona Stanley Hospital.

• Up to $19.5 million will be invested over the forward estimates period for a new primary health care centre and six independent living units to support the delivery of comprehensive primary and aged care at the Laverton Hospital.

• Up to $10.7 million from 2015-16 to 2017-18 for construction of two community sub-acute mental health facilities in Bunbury (ten beds) and Karratha (six beds).

Housing

• $308 million in 2015-16 and 2016-17 under the new $560 million Social Housing Investment Package, that will deliver 1,000 additional social housing dwellings and halve the number of seniors and families with children on the priority waitlist.

Education

The Education Department will invest an additional $191 million over the next four years for the commencement and completion of the following projects:

- $60.5 million for the construction of South Baldivis Senior High School,

- $57.2 million for the construction of Yanchep Senior High School,

- $29.8 million for the amalgamation of Hamilton Senior High School and South Fremantle Senior High School into the new Fremantle College,

- $17.6 million provided under Royalties for Regions for Stage 2 of the redevelopment of Carnarvon Community College,

- $8.5 million for new and refurbished buildings at Armadale Senior High School and Cecil Andrews Senior High School,

- $6.8 million for Stage 3 of the redevelopment of Willetton Senior High School, and

- $5.5 million for additional permanent accommodation for Highgate Primary School.