Australia Post chief executive Christine Holgate resigns 'with immediate effect'

Australia Post chief executive Christine Holgate has handed in her resignation two weeks after the Prime Minister called for an investigation into the postal service over the purchase of luxury watches for executives. Key points: The purchase of the watches, initially said to be worth $12,000, was revealed in Senate Estimates last month Christine Holgate said the investigation was impacting her health and the ability of Australia Post to do its job Ms Holgate sad she regretted the purchase of the watches had caused "so much debate and distraction" Ms Holgate announced on Monday afternoon that she had offered her resignation "with immediate effect". The statement said Ms Holgate had confirmed she was available to "assist the investigation into Australia Post's governance arrangements and corporate culture concerning the proper use and management of public resources". No regret over purchase of luxury watches Ms Holgate said she did not regret the purchase of the watches and believed in order to "drive positive change, you need to thank and reward positive behaviours".