Bonuses, tickets to see Adele and corporate boxes at the MCG: How Australia Post executives lived the high life as it's revealed their Cartier watches actually cost almost $20,000 - FAR more than the CEO claimed

Australia Post CEO Christine Holgate appears before a Senate estimates hearing in Canberra on Thursday - wearing a gold Bulgari watch that retails for $48,000

Australia Post has revealed the Cartier watches bought for their company executives actually cost almost $20,000 - after embattled boss Christine Holgate claimed they cost far less.

Ms Holgate - who has been suspended over the scandal - claimed in a Senates estimates hearing on Thursday that the four watches had cost a total of $12,000.  

Australia Post chair Lucio Di Bartolomeo issued a statement on Friday night to clarify the exact costs 'as a matter of urgency'. 

'I have become aware of further details of the purchase and wish, as a matter of urgency, to clarify that the purchase was of four items costing $7,000, $4,750, $4,400 and $3,800 totalling $19,950 (including GST),' he said.

'Australia Post will continue to participate transparently in Budget Estimates 2020-21 processes including to review the proof Hansard transcript of evidence when it is made available and to respond to questions on notice.'

The company's CEO Christine Holgate told the hearing that the gifts had been signed off by 'the chair,' myself, and on behalf of the board.'

But Mr Di Bartolomeo is disputing those comments, reported ABC News. 

'The board was advised at today's meeting that a check of board papers and minutes from this period show the then-board was not asked to approve or note the purchase of those Cartier watches,' he said. 

Meanwhile the Weekend Australian has exposed further details of corporate spending by Australia Post employees.  

High-flying executives were also reportedly using corporate boxes at the Melbourne Cricket Ground and ANZ Stadium in Sydney.

Australia Post CEO Christine Holgate was ordered to stand down after luxury watches worth thousands of dollars were given to executives

Employees reportedly used the venues to take out family and friends, with one staff member said to have used a corporate box to watch an Adele concert with family.  

Bonuses were also handed out to teams despite the fact the company maintains a monopoly on the country's letter delivery service.   

One staff member revealed they even allegedly asked customers to pay the first few months of the upcoming financial year in advance in order to secure their bonuses. 

The prime minister ordered Ms Holgate to stand aside on Thursday while an investigation takes place into the Cartier watch scandal.  

Ms Holgate said she gave four $3,000 Cartier watches to well-paid bosses as a reward for clinching a deal to offer banking services at post offices in 2018.

She was grilled by the Senate committee for four hours before Scott Morrison ordered her suspension. 

Ms Holgate told senate estimates the gifts had been signed off by 'the chair,' myself, and on behalf of the board'

Australia Post is a commercial business that does not get taxpayer funding - but its only shareholder is the Australian government which means its finances are scrutinised by members of Parliament. 

Mr Morrison said the gifts were disgraceful and appalling. 

'We are the shareholders of Australia Post on behalf of the Australian people,' he said.

'As any shareholder would in a company raise their outrage if they had seen that conduct, by a chief executive, management or the board, they would insist rightly on the same thing.'

The Australia Post CEO is the nation's highest-paid government employee.

Prime Minister Scott Morrison said the gifts were as unacceptable and ordered Ms Holgate to step down

In 2019, she was on a base salary of $1.4million but with bonuses, her chief executive remuneration swelled to $2.565million.

During her suspension she will still earn $110,000 a month or $27,000 a week, or the equivalent of $1.3million a year.

But Eddie McGuire has leapt to the defence of his fellow Collingwood Football club Board member.

McGuire said the controversy over the use of Australia Post funds to buy luxury gifts for highly paid executives was a 'beat up'. 

'I looked at it, in the last couple of days, and I shake my head. I think how dumb is Australia?,' McGuire told news.com.au. 

He said Ms Holgate was one of the most impressive people he had met.

'I mean, seriously. Why do we go and get superstar business people to run public entities and then try and make them play like dullards?' he said. 

McGuire said he would rather have Ms Holgate responsible for taxpayer money than politicians who he said 'throw it against a wall'. 

Ms Holgate - who earns $2.6million a year - gave four Cartier watches to well-paid bosses as a reward for clinching a deal to do banking at post offices in 2018 (stock image) 

The Australia Post boss was also criticised for showing up the hearing wearing a Bulgari watch worth $48,000.    

McGuire laid into Ms Holgate's critics, suggesting they were intent on tearing down women who made it to high-ranking positions. 

'Yeah, she's got an expensive watch on because she earned it. She actually came from nothing. There should be a statue of Christine Holgate to inspire people. These … hacks, dragging people down,' McGuire said.  

He said she had made 'incredible sacrifice' throughout her career to help others.  

Australia Post boss is grilled over  Cartier watches  

Labor Senator Kimberley Kitching grills Ms Holgate in cross-examination after revealing top executives were 'awarded' watches. 

Senator Kitching: And what was that award?

Ms Holgate: They got watches.

Senator Kitching: And what were the watches?

Ms Holgate: They were a Cartier watch of about a value of $3,000 each.

Senator Kitching: Four people got Cartier. Do you remember the brand, the type? Was it a Cartier Tank? What was it?

Ms Holgate: I don't recall. I didn't actually purchase them. They were organised through my office on behalf of the Chair and I.

Senator Kitching: OK so just to be clear, the four people who received Cartier watches were Mr Starr. You received one, Ms Holgate?

Ms Holgate: No, I did not.

Senator Kitching: Do you, Ms Holgate, consider it appropriate to use taxpayers' money to buy Cartier watches for already highly-remunerated Australia Post executives?

Ms Holgate: I have not used taxpayers' money. We are a commercial organisation. We do not receive government funding. We are a commercial organisation.

Senator Kitching: It is a government organisation.

Ms Holgate: It was a recommendation from our Chair that these people get rewarded.

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