No that's not the one, their card especially for the 4s has no regular size sim, only the micro size and it works in all unlocked 4s phones.. The one i got was blue. I think that micro one you got they have had around for sometime, the same thing happens with them as the cut ones although I think a better success rate of working.
But you said Optus Australia, did you get the phone through them on one of their plans? If so it would be locked to their network. Optus would certainly not supply an unlocked current model Iphone unless you paid in excess of $A900 for it.
As jychan wrote, if you have a friend that has a china unicom micro sim, try that to see if your phone works, they all work. Alternatively, if you have a friend with a 4s that is working on China Mobile, try that.
If either of these don't work you in all probability need to have the phone unlocked. I don't know the best place, somebody on this or another discussion can probably tell you.
Getting back to the question, and of course if your phone works with a friends sim card, there is a specially designed sim card that China mobile have made for the 4s. It works in all 4s phones that are unlocked. You need to go to a shop, not just pay for a sim card, find someone in the shop that knows about them or get them to ring their technical support. These cards do exist. Don't be just pushed off with another card and another 15rmb because they are too lazy to find out. Ask to see a supervisor.
Hope this helps.