Labor leader Mark McGowan said the 2015 State Budget was the "worst in WA's history".
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Treasurer Mike Nahan handed down the budget on Thursday with the state staring down the barrel of a whopping $1.3 billion deficit that will blow out to $2.7 billion by 2015-16.
Dr Nahan said the government would embark on an assets sell-off to recoup anywhere between $3 billion to $5 billion in an attempt to balance the books by the next financial year.
Mr McGowan said Colin Barnett had blown the mining boom and was making every West Australian family pay for it.
"West Australians will rightly ask, how this state went from boom to bust so quickly,?" he said.
"And the simple answer is... Premier Barnett.
"The government's privatisation program is a step of broken promises and it looks to me like a panicked fire sale.
"You can have a look at all his commentary prior to the last election and now in a panicking mood he's engaging in a fire sale of public assets that we will never get back again if he sells them.
"This is a budget of debt, deficit, privatisation, broken promises, taxes and price increases that will hurt every single West Australian."
Labor treasury spokesperson Ben Wyatt said the budget was a "financial tragedy of Shakespearean proportions".
"The tragedy is that Western Australia emerges from one of the greatest periods of revenue increases it has ever seen, with a balance sheet crippled by record debt, with no believable path to stabilisation," he said.
"Most competent governments would have used the incredibly fortunate position of enjoying a huge revenue surge to ensure that debt was low for when the record high commodity prices inevitably declined.
"Mr Barnett assumed the record prices were here to stay and spent accordingly.
"He put the state finances in such a vulnerable position that just a 3 per cent decline in revenue plunged the state into record deficits."
Mr Wyatt said when the Liberal Party came into power in 2008, the state's debt was $3.6 billion.
He said the debt is expected to blow out to a massive $36 billion in 2017-18.
"Time and again I have warned Mr Barnett that he had set the WA Government on an unsustainable path," he said.
"And each time I warned the Premier, he simply stated that he didn't believe in the future revenue estimates.
"When you don't have a long term path, this is where you end up... record deficits and record debt."
