Media lockup to go ahead for Budget despite Reserve Bank shutdown

Thursday 21st April 2016

The Treasury has confirmed it is to go ahead with a lock-up for journalists for the budget on May 26, despite the Reserve Bank's decision to end the briefings.

In a note sent to media organisations, Treasury chief executive Gabriel Makhlouf said he had weighed up whether to end the practice. "On balance I have decided that an embargoed briefing for Budget 2016 will be held as planned. However I will continue to review both the overall status of future Budget briefings, and the ability of organisations to attend, in light of the adherence to lock-up conditions."

Last week the Reserve Bank confirmed it would end the practice of holding a lock-up ahead of Official Cash Rate announcements after it was breached by a Mediaworks employee on March 10. Mike Hannah, the Reserve Bank's head of communications, said the move would bring it into line with its counterparts around the world.

"We have reviewed the procedures of several central banks. None provides lock-ups for analysts prior to major policy announcements, and the few that provide embargoed lock-ups for media representatives take extensive measures to control the media environment in the lock-up that is not viable for us. Most central banks do not provide embargoed lock-ups.”

Statistics New Zealand held a lock-up ahead of the inflation announcement on Monday. Journalists were given a sheet of paper with the rules of the lock-up and reminded that the briefing was a privilege and not a right.

Treasury CE Makhlouf said the briefings had a key part to play but trust was being placed in those attending.

"Media briefings play an important role in enabling open and transparent government so that the public can receive timely and accurate information about the Budget. However we also expect adherence to the embargo rules and place a high degree of trust in the media personnel attending lock-ups."

BusinessDesk.co.nz

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