Ivan Glasenberg

Those expecting the massive LNG projects under way in the north-west to ride to the WA economy's rescue may need to think again.

Big retailers will be hoping the federal government puts most recommendations from the recent competition policy report in the too-hard basket.

You don't need to listen too closely to hear the pips squeaking in Western Australia's iron ore lemon after a week-long debate about the state's most important industry, which appears to be heading for a crisis that will hit companies and governments in equal measure.

The iron ore majors' move to flood the market may see off their small rivals, but a bigger opponent looms large.

Verbal and financial volatility is the best way to describe what's happening in Western Australia today.