Several years ago, WA was the nation's strongest economy in the middle of Australia's greatest mining boom but it has now unveiled its highest ever deficit and debt.

The WA government recorded an operating deficit of $2.02 billion for the last financial year and net debt of more than $27.3 billion, both record figures.

WA's deficit and debt has been partly blamed on falling revenues from the mining sector. Credit:Glenn Hunt

Labor Opposition Leader Mark McGowan on Thursday described it as shocking reading for West Australians and appalling economic financial management by the Liberal-National government.

However Treasurer Mike Nahan said the government had worked very hard to achieve the lowest expenditure growth two years in a row at 2.4 per cent in 2015-16 and 2.2 per cent the year before.