The ASX 200 dropped 80 point (-1.7%) for the week, settling at 4743.
Miners bore the brunt of the commodity rout, with BHP Billiton (BHP) losing 2.7% and Rio Tinto (RIO) shedding 3.2%.
However, Orica Ltd (ORI) was among the sector’s gainers after posting an increase in 1H11 underlying profit.
Three of the big banks reported their first half results last week.
Westpac Bank (WBC) and National Australia Bank (NAB) delivered analyst topping profits, whilst ANZ Bank’s (ANZ) result came in line.
NAB was the best performer of the three, climbing 2.6% for the week.
Lower oil prices helped the two major airliners, with Qantas (QAN) rising 2.4% and Virgin Blue Holdings (VBA) jumping 5.3%.
Media stocks were hit particularly hard last week; APN News & Media (APN) and Fairfax Media (FXJ) tumbled amid disappointing profit statements.
In economic news, the RBA left the official cash rate at 4.75%. The decision was widely expected, although the statement indicated the next rate hike may not be too far away.