It didn't take long after Ben Wyatt walked into State Parliament for the first time for a lofty title to be thrown his way anytime discussions turned to the years ahead.

"Future premier" was a moniker used for Mr Wyatt more times than the 45-year-old would be able to count over his 14 years in West Australian politics.

"I always thought he would become the premier of the state and he would of course do a great job," Premier Mark McGowan said.

Had an ill-feted leadership challenge against Eric Ripper in 2011 been better orchestrated, that may well have happened.

But after Mr Wyatt's shock decision to quit politics in 12 months due to family reasons, the discussion for many will instead be about what could have been.

Space to play or pause, M to mute, left and right arrows to seek, up and down arrows for volume. Watch Duration: 1 minute 11 seconds 1 m 11 s Ben Wyatt resigns from politics

For a decade he was seen as a leader-in-waiting and the most likely person to become the first Indigenous premier of an Australian state.

But despite never reaching the top office, Mr Wyatt will have no shortage of accomplishments to look back on proudly as he begins to reflect on a career that saw him become the first Indigenous person to be appointed treasurer in a state or federal government in Australia.

Admirers credit Wyatt with economic turnaround

After playing a key role in Labor's crushing defeat of the Barnett government in 2017, he came to office with WA's finances in a disastrous state.

There were years of big deficits on the horizon and a debt bill expected to climb to $43 billion.

Not even three years later, the state is back in the black in a big way — $12 billion worth of surpluses are forecast over five years, while debt is trending downwards having never quite reached the heights once feared.

Critics argue the budget turnaround is more a product of luck, thanks to an iron ore price lift and the Federal Government's GST solution, and would also counter that not enough has been done to revive a stagnant WA economy.

Mr Wyatt is regarded as WA Labor's top parliamentary performer. ( ABC News: Andrew O'Connor )

But none of that has stopped the extraordinarily high praise both from his own side and externally.

"Ben Wyatt has been the model of a modern Treasurer," Chamber of Commerce and Industry WA chief executive Chris Rodwell said.

"He has achieved more in a single term than many of his contemporaries have achieved over much longer periods."

Mr McGowan, too, was glowing in his assessment.

"He has been the outstanding treasurer of Australia, bar none," he said.

Premier Mark McGowan has lavished praise on Mr Wyatt's work in politics and their long-standing friendship. ( ABC News: Nicolas Perpitch )

Grinding demands on MP's life put pressure on family time

The decision to stand down follows an extremely difficult family time for his young family.

Mr Wyatt's wife was diagnosed with breast cancer in 2018 and the combination of that plus a time-consuming and draining career took its toll.

It speaks to the difficulties of combining political and family life — something that requires significant sacrifices.

Mr Wyatt is standing down to spend more time with his family. ( ABC News: Benjamin Gubana )

"My daughters have only ever known me as an MP and minister which means they don't see much of me," Mr Wyatt said in announcing his resignation.

"It is an job where as each year goes by it becomes more demanding on your time … and eventually that gets to a point where you have got to recalibrate."

Big boots to fill, so who gets to fill them?

On the political side, his departure leaves an enormous hole for Labor to fill.

Mr Wyatt is regarded as Labor's top parliamentary performer and an excellent campaigner, and his diminished presence in the lead-up to the March 2021 election poses a problem for Labor.

Should the McGowan Government win re-election, finding a treasurer who can command as much respect as Mr Wyatt will not be easy.

The last time someone other than Mr Wyatt or Eric Ripper had the treasury portfolio for Labor was 1999, so it will mark a significant changing of the guard.

Transport Minister Rita Saffioti is highly-regarded within the Government and has an economics background, making her a frontrunner.

Transport Minister Rita Saffioti has a background in economics, making her a possible pick for future treasurer. ( ABC News: Eliza Laschon )

But Energy Minister Bill Johnston and Deputy Premier Roger Cook are also seen as options, while some insiders even suggest Mr McGowan could take on the role himself — as several former premiers have.

The opening in cabinet may create a spot for former television journalist Reece Whitby, a close ally of the Premier, although that could also create significant factional tension, with the dominant left faction desperate to promote Amber-Jade Sanderson.

Hannah Beazley — daughter of WA Governor Kim — is seen as a potential nominee for the safe seat of Victoria Park that Mr Wyatt is vacating.

Hannah Beazley, with Premier Mark McGowan, has previously contested the WA seat of Riverton and federal seat of Swan. ( ABC News: Jade Macmillan )

Those will be key discussions for Labor over the coming months, but for many in Government ranks the overwhelming reaction was one of sadness about the political departure of someone they viewed as their top performer.

Mr Wyatt is someone Labor will sorely miss — and as those on the left stop to assess a bright political career, one question may well linger.

Was Mr Wyatt the best premier Western Australia never had?