There's an ominous lyric in the Bruce Springsteen song "Atlantic City" in which the Boss complains he has "debts no honest man can pay".

Then things get desperate and the song's protagonist heads to the famous gambling town to try his luck.

There will be no real reduction in WA's state debt for years. Credit:WAtoday

Looking at the budget's peak debt of $39.5 billion still owed by the state after two years of Labor rule, it's hard to believe WA Treasurer Ben Wyatt has in fact been showered in good fortune over the last few months.

The budget's bottom line is the beneficiary of an extra $1.2 billion in iron ore royalties and an extra $4.7 billion thanks to Prime Minister Scott Morrison's GST fix.