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The $2.6 billion Elizabeth Quay project on Perth's waterfront could get a name change if Labor wins the State election.

Opposition Leader Mark McGowan told Fairfax Radio today that if Labor triumphs in the March 9 election, he would consider a name change for the project, which has created major traffic upheaval as a 2.7-hectare inlet is carved into the Esplanade.

Mr McGowan did not say what other names he had in mind.

Premier Colin Barnett announced in May last year that the waterfront project would be named after Queen Elizabeth as a tribute to the monarch following her royal visit to Perth in 2011 for the Commonwealth Heads of Government Meeting.

The news drew a mixed reaction from the public, with some saying it was not an original or modern name for such a landmark that would be a key part of Perth's future.

There were jokes at the time that the waterfront project should be called Regina Marina, Betty Jetty, Barnett's Berth or Little Docklands.

Others thought it should be more relevant to WA or have an Aboriginal name.

Mr McGowan's remark was ridiculed on social media, with one person tweeting: “Wow an election promise to rename Elizabeth Quay. Are you for real? Talk about tackling the tough issues of our society”.

The $2.6 billion waterfront project includes a $440 million investment from the state government, with the remainder coming from private enterprise.

Elizabeth Quay will cover nearly 10 hectares of riverfront land and will create a precinct featuring a split-level promenade, shops, cafes and restaurants surrounding the inlet.

It will also provide new inner-city residential properties, some much-needed hotel and short-stay accommodation, and additional commercial space.