Among other projects, the state will use the money to build a new railway line and rolling stock, the statement said.
As well as Fremantle Port, the Western Australian government plans to sell the state-owned betting business TAB, the Forest Products Commission and other state assets including the Kwinana Bulk Terminal, the Utah Point Terminal, and Port Hedland.
State treasurer Mike Nahan said the state government was responding to a 'perfect storm' of economic conditions that saw revenues fall to AU$3.9 billion ($3.09 billion) short of the estimated budget, or 13%, in 2015/16.
"Commodity prices have plummeted, our share of GST revenue has been driven to record lows and softening economic conditions have directly reduced all other major sources of State tax revenue," Nahan said.
The sale of all of the assets is expected to bring in $5bn. Fremantle is valued at $1.5bn and is expected to be on the market in the next 12 months, according to Inspiratia.