The report, released late Friday afternoon, details the findings of an independent investigation undertaken by a law firm and delivered to the government last year.

While one of the report's findings said there was "no indication" of corruption, others showed there were inconsistencies with the government company's policy and the public's perception of its role.

"There is no indication of dishonesty, fraud, corruption or intentional misuse of Australia Post funds by any individual involved in the matters relating to the purchase and gifting of the Cartier watches," the report read.

A separate finding, however, indicated there were possibly other instances where company credit cards had been used for similar purchases considered questionable.

"Based on a preliminary review of a limited set of credit card usage records, it appears there are potentially other instances of credit card usage for charges that, although for lesser amounts than the expenditure on the Cartier watches, may also be inconsistent with public expectations and Australia Post's policies," the report read.

The report also said while there were no documents indicating the Australia Post board had approved the purchase of the watches, there was contradictory evidence on whether the postal service's chief executive Christine Holgate had made the decision alone.

Because of this, it said no definitive finding could be ruled.

All the non-executive board members told the investigation that they would not have approved the purchase of the watches.

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The revelations were first made public after Labor senator Kimberley Kitching asked Ms Holgate whether executives had received luxury watches as rewards during Senate estimates in October last year.

Ms Holgate admitted four employees in senior executive roles received Cartier watches in 2018, which she said were valued at around $3000 each, for their work on an agreement between the postal service and three major banks.

"There were a small number of senior people who'd put an inordinate amount of work in and they did receive an award from the chair, myself and on behalf of the board," Ms Holgate said.

"They got watches."

It was later clarified the cost of those watches was closer to $20,000.

Ms Holgate resigned 10 days after the appearance amid intense scrutiny by politicians. Prime Minister Scott Morrison said he was "appalled" and "shocked" by the gifts, announcing an investigation into the saga.

In a public statement released during her resignation, she regretted the purchase, which failed the "pub test", but said the decision had been supported by the board.

"I deeply regret that a decision made two years ago, which was supported by the chair, to recognise the outstanding work of four employees has caused so much debate and distraction," Ms Holgate said in November.

"I appreciate the optics of the gifts involved do not pass the 'pub test' for many."