Daily Dispatches: Westpac's big tax bill

Westpac is considering whether to launch an appeal against a landmark New Zealand tax case where the banking giant faces a payout of NZ$918 million ($753 million) in back taxes and other costs. (Sydney Morning Herald)

The jobless rate fell to 5.7 per cent in September, in the latest sign that the nation's economic rebound is under way - and more rate rises are now almost certain over the next few months. (Business Day)

Graeme Samuel, hailing early signs of a return of competition to the banking sector, has waved through the National Australia Bank's $385 million buyout of Challenger Financial's mortgage management business. The Australian Competition and Consumer Commission chairman also dismissed recent calls for another inquiry into the financial system, arguing the environment was still too unsettled. (The Australian)

HSBC is in advanced talks to buy separate Asian assets being sold by two troubled western financial groups, in a further sign of its rising commitment to expand in the region. The bank is a front-runner to acquire the Asian private banking operations being divested by ING. HSBC has also re-emerged as a serious contender for the Asian retail and commercial assets being sold by RBS. (Financial Times)