WELLINGTON (REUTERS) - New Zealand's Parliament was in lock down on Thursday (May 26) after a security threat, but the annual 2016 Budget would proceed as planned.

New Zealand police said a man had been arrested in relation to the incident and that a vehicle at the centre of the threat had been cleared and will be removed from the Parliament forecourt.

"The security situation is contained, however Parliament remained locked down. #Budget2016 proceeding as planned," NZ Parliament tweeted.

New Zealand will present its annual Budget on Thursday morning.