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Westpac was the last of the big four banks in Australia to announce its annual profit. It made the biggest — a whopping $6.3 billion, 84% higher than 2008-09. The Commonwealth Bank made the second biggest profit this year, $6.1 billion (up 42%). It was also the first bank to announce it would raise its interest rates for home mortgages more than the latest Reserve Bank interest rate rise. ANZ made $5 billion (up 53%) and NAB $4.6 billion (up 63%). The big four made a total profit of $23 billion.

Mining magnate Andrew “Twiggy” Forrest had an opportunity on ABC’s November 1 screening of Q&A to defend his record on Aboriginal employment. He didn’t do very well. “You can see that through Generation One, a real challenge to fill those jobs, because we've proven for all time that corporate Australia — in fact every Australian — isn't racist”, Forrest said. “We do love our first Australians. We do want to help them as much as we can but we can do it without just throwing money, and I believe I could do more.”

BBC services were severely disrupted after a 48-hour walkout on November 5 and 6 by thousands of media workers. MorningStarOnline.co.uk said on November 5 the workers were fighting the corporation’s “pensions robbery”, which would result in payouts being dramatically reduced. The corporation’s director general Mark Thompson claimed the National Union of Journalists (NUJ) strike had no impact, but viewers and listeners tuned into BBC radio and TV channels to find the flagship program off air.

Prime Minister Julia Gillard used a series of meetings with Asian leaders at the UN Regional Summit on October 30 to lobby for her government’s proposal to build a “regional” detention centre for refugees in East Timor. She met with Vietnamese President Nguyen Minh Triet, Indian Prime Minister Manmohan Singh, Prime Minister Bouasone Bouphavanh of Laos and President Benigno Aquino of the Philippines, the October 30 Australian reported. She also met with United Nations secretary general Ban Ki-Moon, who “noted” her proposal — the only outcome reported.

Divisions about a carbon price are hardening among Australia’s big businesses. Two distinct positions seem to have emerged in the corporate boardrooms. Some corporate groups are backing the federal government’s call for a price on carbon because they say it will allow for a more certain environment for investment. Nine CEOs of big Australian fund managers and superannuation companies linked to the Investor Group on Climate Change have formed a new panel to lobby the government for a carbon price.