Treasury reverses restriction on Budget lock-up, accepts CTU economist

Thursday, 15 May 2025

Delivering her pre-Budget speech a few weeks out from Budget Day, on May 22, Willis revealed the Government would spend significantly less than was expected and had identified “billions” worth of savings from existing public sector programmes.

Treasury has backed down after initially excluding Council of Trade Union economist Craig Renney from next week’s Budget lock-up.

Renney, a former advisor to Labour finance minister Grant Robertson, appeared the target of Treasury’s efforts to exclude certain non-government groups from the Budget lock-up on Thursday, May 22.

The Council of Trade Unions (CTU) and the Taxpayers’ Union, at opposite ends of the political spectrum, were among non-profit groups barred from the Budget lock-up earlier this week. Yet law firms, big consultancy firms, and the banks were allowed to attend.

The CTU, in a letter to the Treasury, said this was the first time in “living memory” it was to be barred. The Taxpayers’ Union threatened a legal challenge.

CTU economist Craig Renney, a former advisor to Labour finance minister Grant Robertson, will now be allowed in the lock-up.

On Thursday morning, both organisations confirmed Treasury had changed its mind: first allowing the CTU but not Renney, then allowing the economist in.

A Treasury spokesperson said the organisation had received a “significant amount of feedback” about its initial restrictions, which were the same for the lock-up for December’s half-year fiscal and economic update.

“In acknowledgement of that feedback and in consultation with the Minister of Finance’s office, we have decided to accept a broader range of stakeholders.”

Finance Minister Nicola Willis and Renney have previously clashed, including over Renney misquoting Willis, which the CTU said was a mistake it rectified.

Willis, in a statement on Thursday afternoon, said she made clear to Treasury that invitations should be extended, including to the CTU.

“I understand Craig Renney will be representing the CTU and I look forward to seeing him there.”

Renney, upon exiting a meeting with Workplace Relations Minister Brooke van Velden on Thursday morning, told reporters he was pleased to be permitted into the lock-up.

Taxpayers’ Union executive director Jordan Williams says his organisation is confident that Treasury will back down.

“We received a notification from the Treasury that they had reconsidered their position, and the Treasury is now extending an invitation to the CTU … We're now definitely inside the lock-up.”

Taxpayers’ Union executive director Jordan Williams said his organisation was confident that Treasury would back down.

He also welcomed Renney’s inclusion as the “unbecoming spat” involving the economist had “somehow seen a whole lot of groups initially be banned”.

“The legal advice we had is that Treasury were very vulnerable, because ultimately it was very arbitrary. It was only the non-profits that were excluded.

“I don't agree with Craig on much, but I mean, he clearly represents a legitimate interest.

“What's the purpose of the lock-up? It's for accurate reporting and public understanding. Well, very clearly you want a spread of perspectives.”

The Budget lock-up is a routine part of the Government’s annual publishing of its books.

Each year Treasury invites journalists and various interested parties to receive the Budget hours before its public release, to prepare stories and commentary, under the proviso that no information is transmitted outside the room.

Cabinet ministers also speak to the Budget, and take questions.