The majority of economists and market commentators now expect the Reserve Bank to hold off raising the cash rate until 2019.
Which means retirees will have to contend with the paltry interest rates on offer from term deposits and savings accounts for some time to come.
But I wouldn't let that worry you because the Australian share market has a number of quality high yield dividend shares that can provide investors with a great source of income.
Three of my favourites are listed below:
Australia and New Zealand Banking Group (ASX: ANZ)
After a recent spot of weakness in the banking sector I think the shares of the big four banks are all looking quite attractive right now. One of the best options would have to be ANZ Bank in my opinion. I think its shares look cheap and its dividend is generous. At the current share price it provides a fully franked trailing 5.6% yield. Incidentally, late yesterday Goldman Sachs advised that ANZ Bank is on its conviction buy list with a price target of $33.18.
Baby Bunting Group Ltd (ASX: BBN)
I think this baby products retailer is an underappreciated dividend share that is well worth considering today. Although FY 2018 will be a weaker than normal year, this is due to the negative impact of clearance sales from closing competitors. Things appear to be normalising again now, which I expect will put the company in a position to gobble up the market share that has been vacated. At the current share price Baby Bunting's shares provide a trailing fully franked 4.9% dividend.
Dicker Data Ltd (ASX: DDR)
At the start of the week this leading computer software and hardware wholesale distributor released its earnings and dividend guidance for the year ahead. According to the release, Dicker data expects to deliver a 6% increase in earnings in FY 2018. This growth would have been stronger had its New Zealand business not lost its Cisco contract. Pleasingly, management has decided to lift its dividend by 10% to 18 cents per share. This equates to a forward fully franked 6.25% yield.
