THE ratings agency Standard & Poor's says Western Australia's budget has no measures in place to deal with structural problems and leaves the state subject to "external shocks" such as volatile commodity prices.
The 2014/15 state budget announced on Thursday did not immediately affect WA's credit rating, the financial services ratings agency said, despite mounting debt incurred by big spending on infrastructure projects.
Western Australia's credit rating was cut from AAA+ in September last year to AA+.
Standard & Poor's said the WA government's budget position remained susceptible to "external shocks".
"While we anticipate WA's operating performance will remain positive on a cash basis, the forecast operating margin of less than five per cent of operating revenues provides little buffer against a volatile revenue base," the agency said.
"While the additional revenue and savings measures announced today partially offset the state's weaker own-source revenues, operating expenses are forecast to continue to grow strongly."
Part of the revenue-raising measures were potential asset sales, but no timeframe was provided for the privatisations.
The state government did not estimate returns from the sales, not wanting to tip what it believed buyers were prepared to pay.
"The outcome of any asset sales on the state's credit quality is dependent on how the government uses the proceeds," Standard & Poor's said.
The lack of measures in place to address long-term structural issues meant general government operating expenditure growth over the forward estimates would exceed revenue growth at least until 2018, the agency said.
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