With the Reserve Bank of Australia likely to take the cash rate lower potentially as soon as next week, I think it is a great time to look at some of the quality income options on the Australian share market.
Three top dividend shares that I would buy today are listed below. Here's why I like them:
Aventus Retail Property Fund (ASX: AVN)
I think this fully integrated owner, manager, and developer of large format retail centres (retail parks) across Australia would be a great option for income investors. Its retail parks are home to many of the biggest retailers in the country, which I feel lowers the risk of rent defaults and closures. All in all, I expect this to allow Aventus to continue growing its funds from operations and distributions over the coming years. At present its units offer a trailing 7.2% yield.
Coles Group Ltd (ASX: COL)
One of my favourite dividend shares right now is this supermarket giant. Especially after its strong third quarter update release on Monday. I believe this has positioned the company well to deliver a solid full year result and reward shareholders with a generous final dividend. Management has previously stated that it plans to pay out between 80% and 90% of its earnings as dividends. Based on this, I estimate that its shares currently provide investors with a fully franked forward 4.5% dividend.
Super Retail Group Ltd (ASX: SUL)
Another top dividend share to consider is Super Retail, which is the retail group behind brands including Macpac and Super Cheap Auto. This morning the company provided a trading update and revealed that its performance in the second half has remained strong. It has achieved like for like sales growth of 4.3% during the 17 weeks to April 27. I believe this puts Super Retail in a position to increase its dividend again this year. Which is great news for income investors, as its shares already provide an attractive trailing fully franked 5.8% dividend.
