Last week's disappointing economic data has led to many in the market suggesting that the Reserve Bank may yet cut rates before taking them higher again.
While this would be a positive for borrowers, it would be another bitter blow for savers and income investors.
The good news, though, is that there are several great dividend options on the Australian share market that offer very generous yields.
Three of my favourites to buy this week are as follows:
National Storage REIT (ASX: NSR)
National Storage is the owner and operator of one of Australia and New Zealand's largest self-storage networks and one of my favourite dividend options. I'm a big fan of National Storage due to its robust business model, defensive qualities, and its growth through acquisition strategy. At present the company's units offer investors a generous trailing 5.4% distribution yield.
Rural Funds Group (ASX: RFF)
Rural Funds is an agriculture-focused real estate property trust which offers investors exposure to a diversified portfolio of assets including almonds, macadamias, cattle, poultry, and wine production. As well as enjoying long term tenancy agreements, the trust benefits from having rental increases locked into them. I believe this puts it in a good position to continue increasing its distribution for the foreseeable future. This year the Rural Funds board intends to lift its distribution to 10.43 cents per unit, meaning its units currently offer a forward 4.7% yield.
Westpac Banking Corp (ASX: WBC)
I think that Westpac would be a great option for investors that don't already have meaningful exposure to the banking sector, especially after today's market selloff. Westpac's shares now offer investors a trailing fully franked 7.5% dividend. Given this generous yield and the low multiples its shares trade on, I suspect that they will find support from buyers once the Royal Commission wraps up.
