At the same time, the Liberal-led government is spending big on capital works such as the Elizabeth Quay waterfront development and a high-tech football stadium next to James Packer's Crown Casino. A day after the budget was delivered, Treasurer Troy Buswell conceded that the estimated $47.3 billion debt facing WA in 2022/23 - assuming the Fiscal Action Plan worked - was a nasty figure that jumped from almost $22 billion in 2013/14. Treasury had estimated the state's debt in 2022/23 would have been $86.3 billion if the Fiscal Action Plan hadn't been implemented. "WA's debt burden is now at the high end of the domestic peer group, and in our view is likely to continue rising," Standard & Poor's said. It's estimated the loss of the hallowed AAA credit rating will cost the state government at least $21 million per year to access debt.