Australia Post Splurged $12,000 on Luxury Watches

A worker carries a sack of letters after emptying a post box outside an Australia Post office in Sydney on June 26, 2015. Australia Post was June 26 expected to axe hundreds of jobs as it struggles with growing losses from a decline in letter volumes despite growth in its parcels business. AFP PHOTO / Peter PARKS Photo credit should read PETER PARKS/AFP via Getty Images

Australia Post spent $12,000 on luxury watches to reward four senior staff for clinching a deal to do banking at post offices.

Chief executive Christine Holgate confirmed the $3000 Cartier watches were handed out as an award for working on the Bank@Post agreement with three major banks.