Christine Holgate receives $1 million payout from Australia Post

Former chief executive Christine Holgate has received a $1 million payout from Australia Post after her departure amid the Cartier Watches saga.

The settlement was announced after Australia Post and Ms Holgate took part in mediation before former Federal judge Peter Jackson.

Australia Post said it regretted the circumstances around Ms Holgate's departure but there was no apology and no admission of liability.

Ms Holgate has also released Australia Post from all legal claims.

"The parties have reached a settlement and Australia Post has agreed to pay $1,000,000 to Ms Holgate to be taxed as an employment termination payment," a statement on behalf of Australia Post and Ms Holgate read.

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"Australia Post acknowledges that it has lost an effective CEO following the events on the morning of 22 October 2020.

"Australia Post regrets the difficult circumstances surrounding Ms Holgate's departure from her role as CEO."

Australia Post also agreed to pay $100,000 of Ms Holgate's legal costs.

Ms Holgate departed her position as chief of the national service in November last year, following political fallout from a Senate hearing in which she revealed she had expensed approximately $20,000 in Cartier watches to reward four executives.

The watches were audited and signed off by Australia Post's chief financial officer at the time.

In April 2021, Ms Holgate gave explosive evidence to a Senate Committee in which she claimed she was 'humiliated' by the Prime Minister.