Federal politicians are lining up to declare One Nation's run of success over in the wake of the party's underwhelming result in the Western Australian state election.

The right-wing populist party's preference deal with the Liberal Party has also faced renewed criticism, labelled a mistake by Pauline Hanson and Nationals leader Barnaby Joyce. But, despite the reaction, Prime Minister Malcolm Turnbull and Finance Minister Mathias Cormann refused to rule out a similar arrangement at the next federal election.

On the back of a brutal swing against outgoing Premier Colin Barnett's Liberal government, Labor will assume power with more than 42 per cent of the vote. The election was also seen as the next big test for the resurgent One Nation, with polls predicting approximately 10 per cent support or higher.

But the party attracted a lower house primary vote of just 4.7 per cent. In the upper house, One Nation had hoped to gain at least three seats with a mind to holding the balance of power. They now look set to win only one - with the help of Liberal preferences.