Western Australia has a "strong economy" that's the "envy of the nation" with greater surpluses and less debt than forecasted, a review of its budget has revealed.

WA's books recorded a $2.6 billion operating surplus for the 2024-25 period, but in an update published today, Treasurer Rita Saffioti confirmed the state is still swimming in cash, with that surplus now up at $3.1 billion.

But new buckets of cash to assist people with cost-of-living pressures are limited, with much of the relief measures already underway.

What's in it for me?

Access to housing continues to be a key issue in WA, much like the rest of the country.

Today, in it's mid-financial year review, the government announced a new $400 million dollar fund to fast-track housing supply in key residential growth areas.

It will be used to quickly establish water and electricity infrastructure for new residential projects, so homes can be built faster.

"So you don't have a situation where you may have the water connected and then wait for the power," Ms Saffioti explained.

But there was no additional spend to assist people with cost-of-living that hadn't already been shared with the public.

The treasurer pointed towards the government's power credits, discounted tickets to public facilities, efforts to increase housing supply and social housing boosts as successful measures already underway.

WA Council of Social Services CEO Louise Giolitto said more targeted and essential cost-of-living packages were absent.

"At a time when more Western Australians are falling into financial hardship and seeing their standard of living deteriorate, the state government needs to be delivering meaningful, targeted cost-of-living relief measures," Ms Giolitto said.

Ms Saffioti said the surplus is for "paying for infrastructure".

In this month alone, the government has opened a new rail line, a new highway and a new pedestrian bridge over the Swan River.

"We're not going to blow the budget," she said.

"Because infrastructure helps and supports families … building rail lines helps and supports families, building hospitals helps and supports families," she said.

Foodbank WA CEO Kate O'Hara said the food relief charity experienced its biggest numbers ever this holiday season and was calling for more funding to keep up with demand.

Community Legal WA CEO Chelsea McKinney said her sector was experiencing surging demand.

"Today's budget update provided no extra state funding, so community legal services will keep turning away thousands more people than they can help," she said.

Ms Saffioti said the state had included extra measures in the past year.

"I know they've got higher aspirations ... but we'll continue to work with the sector," she said.   

How rich is WA?

Compared to other states, it's clear WA is doing pretty well — or as the treasurer puts it, has "finances that are the envy of the nation".

The recent Victorian budget update showed the state $1.4 billion further in deficit than previously forecast, while NSW's deficit is projected to be $1.3 billion.

WA also follows recent Federal Treasury forecasts showing a gloomier than predicted economy with deficits $21.8 billion worse than expected.

Ms Saffioti said the higher than predicted surplus in WA has allowed the government to deliver "investment in infrastructure without solely relying on borrowings".

Unlike most states, the WA government has delivered a surplus every year since 2018-19, off the back of huge mining royalties.

"WA's economy has grown by a massive 23.8 per cent since 2019, that's far higher than the national growth rate of 14.8 per cent," Ms Saffioti said.

Net debt in WA is projected to be $32.4 billion at the end of this financial year — down $289 million compared to initial budget that was published in May.

Iron ore up, lithium down

The resources sector continued to prop up to the state's finances with royalties from iron ore increasing by $1.7 billion, while there was a $670 million write-down on lithium.

"As you can see there's a bit of volatility," Ms Saffioti said.

She said revenue had increased from a number of different sources because of the "strength of the economy".

Liberal Leader Libby Mettam said the surplus should be spent helping ordinary citizens make ends meet.

"The government has never been more flush with cash, at a time when families are being forced to choose between paying the bills and buying their kids Christmas presents," Ms Mettam said.