IT WASN’T quite financial Armageddon – but it was close.

Today’s WA Budget projections are far, far, worse than anyone expected.

WA will run budget deficits for the next three financial years, and state debt will now hit $40 billion in just two years’ time.

It is the worst set of books WA has ever seen. Not even Treasurer Dr Nahan could dispute that today.

And these figures come 10 months before a state election.

To make matters worse, a second Newspoll in four months shows the Barnett Government is headed for election defeat.

And Colin Barnett, according to Newspoll, is now the country’s most unpopular leader.

In his address to media today, a sometimes flustered Dr Nahan blamed falling iron ore prices and falling GST revenues for much of the state’s woes.

But the truth is this: The Barnett Government must accept some of the blame for the economic mess it now finds itself in.

It has been known for years, since Eric Ripper was last treasurer under a Labor administration, that GST receipts for WA were falling.

And yet when Barnett came to power he approved huge pay increases in the public sector and then went about committing WA to projects it clearly could not afford.

Again, I ask the question: Did we really need Elizabeth Quay?

Did we need a new footy stadium?

Can we afford a new rail line to the airport?

And don’t get me started on the Freight Link.

Nice projects, I know.

But to bring this back to a family budget: Do you go out and buy a new car when you know your income will fall dramatically?

And what happens when you sell the family car to pay down debt? You end up with no car and having to buy another one anyway.

Barnett and his long list of Treasurers acted way too late on asset sales.

In many ways I feel sorry for Nahan. He inherited the proverbial.

Whichever way the government tries to spin its $16 billion asset sales agenda, this will be seen by the public for what it is – a fire sale.

And history tells us you voters don’t like fire sales.

And the best part of this sorry story?

The Liberals’ partner in Government, the Nationals, are so far refusing to agree to the get out of jail privatisation plan.

What happens if Barnett and Nahan can’t sell the furniture?

What’s Plan B?