With Aussie interest rates seemingly on their way down, yields could become even more important for investors.
Furthermore, with the unemployment rate forecast to remain above 6% for a good while yet, the indications are that the economy could enter a period of disappointment.
Despite this, there are still a number of companies that offer strong earnings growth prospects and have appealing yields. Here are three of the best that could be worth buying today.
AMP Limited
After a hugely disappointing year that saw earnings fall by a third, AMP Limited (ASX: AMP) is set to bounce back over the next couple of financial years. Indeed, the wealth management company is expected to increase earnings per share (EPS) by a whopping 54.7% in the current year, and by a further 12.1% next year.
Clearly, these growth rates are enticing, but perhaps best of all, AMP continues to offer a top notch, partially franked yield of 4.6%. With dividends per share expected to increase at a rapid rate over the next two years, AMP could be yielding as much as 5.4% (assuming constant prices) in FY 2015.
As a result, it seems to offer strong growth and income prospects that could give Foolish portfolios a major boost.
Wesfarmers Ltd
Although Wesfarmers Ltd (ASX: WES) trades on a hefty premium to the wider market, with it having a P/E ratio of 20.7 versus 15.3 for the ASX, this can be explained by the retailer's strong earnings growth potential.
Indeed, the owner of the Coles supermarkets is expected to increase its bottom line at an annualised rate of 12.8% over the next two years, which is above the market average and shows that an interest rate of 2.5% is a positive catalyst for retailers across Australia.
In addition, Wesfarmers currently yields an attractive 4.7% (fully franked), which shows that it's an appealing income as well as growth play.
Transurban Group
While the ASX has fallen by 5% in the last three months, toll road manager Transurban Group (ASX: TCL) is up 2.5%. Indeed, shares in the company could gain further strength moving forward as its bottom line is expected to grow at an annualised rate of 25.2% over the next two years.
Furthermore, with dividends set to grow by 22.8% over the same time period, shares in Transurban could be yielding as much as 5.5% in FY 2016. This means that on a PEG ratio of 1.6, Transurban seems to offer a potent mix of income and growth at a reasonable price. As such, it could prove to be a strong performer over the medium term.
