Act's leader's applauding the Reserve Bank losing a whack of its requested funding

Finance Minister Nicola Willis has declined the central bank's application for more than a billion dollars over five years.

Willis says the bank staffing has grown hugely in recent years.

It's now signed up to an agreement - for 750 million dollars operating expenses.

David Seymour says he's thrilled it was cut by a quarter because we need to seriously reduce expenditure across Government.