New Zealand's parliament was in lockdown  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 center 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 at 10pm ET.