Former Australia Post chairman John Stanhope will tell Scott Morrison's inquiry into the Cartier watch scandal the board approved a plan by CEO Christine Holgate for gifts to senior executives, but it did not sign off on luxury timepieces – which are now believed to have cost $19,950, not $12,000 as told to Senate estimates.

Mr Stanhope, who left the board in 2019, signed a card, obtained by AFR Weekend, for the executives who secured an October 2018 deal with the big banks to boost financial services in post offices, but can't recall whether he attended a morning tea where they were presented.