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Ben McKay

Frugal Kiwi government takes axe to central bank budget

Nicola Willis RBNZ the Reserve Bank the Reserve Bank of New Zealand New Zealand Christian Hawkesby Finance

The New Zealand government has announced a 25 per cent reduction in its central bank's budget. (Lukas Coch/AAP PHOTOS)

New Zealand's frugal government plans to cut funding to its central bank by one-quarter in its latest move to slash public spending.

Finance Minister Nicola Willis said her government and the Reserve Bank of New Zealand (RBNZ) had agreed to cap ongoing expenditure at an annual average of $NZ150 million ($A139 million) for its new five-year agreement.

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One subscription that gives you access to news from hundreds of sites

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FL Declares Emergency in 25 Counties as Gulf Depression Could Become Season's First Hurricane, Residents Warned

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