Barnett rejects CommSec view of WA

Premier Colin Barnett refuses to be rattled after the CommSec State of the States report ranked Western Australia's economy fifth in the nation.

The report, released on Wednesday, shows WA's economy is only out-performing Queensland, South Australia and Tasmania.

Mr Barnett said WA was coming from a high with the mining industry now slowing down and, while it was a difficult time, there was no sense of panic.

He said the state's economy was resilient and had been the strongest of all the states over the past several years.

"When there's a cyclical swing you get a super swing here," Mr Barnett told reporters.

"I don't get rattled by day-to-day reports by various analysts.

"I've been following the West Australian economy since I was in my 20s.

"I think I know it probably better than most people and I have confidence in the structure of our economy."

But shadow treasurer Ben Wyatt said the Barnett government had driven the state's finances into a ditch and the State of the States assessment of WA had been on a one-way trajectory for some time.

"This is not a government that has a plan," he told reporters.

"They're simply hoping for the very best that somehow oil or iron ore or something will increase in its price."