If you're in search of a source of income and term deposits just aren't cutting it, then I think you should consider the Australian share market and the numerous quality dividend shares it has to offer.
Three top dividend shares that I would buy this week are listed below. Here's why I like them:
Crown Resorts Ltd (ASX: CWN)
I think income investors ought to look at this casino and resorts operator. Although it has had a slow start to FY 2019, I think its long-term growth prospects are very positive thanks to the opening of Crown Sydney at Barangaroo in around two years. I believe this and the inbound tourism boom will lead to solid earnings and dividend growth. At present Crown's shares offer a trailing partially franked 4.5% dividend yield.
National Australia Bank Ltd (ASX: NAB)
If you don't already have exposure to the banking sector then it could be worth considering NAB. Although its recent half year result was a touch underwhelming, I remain confident that the bank is over the worst of its issues now. And although the NAB board cut its interim dividend materially to 83 cents per share, I believe this was a good move and has brought it to a sustainable level. Assuming the bank does the same for its final dividend, NAB's shares currently offer a forward fully franked 6.4% dividend yield. Though, investors will need to act quickly to get hold of its next dividend. NAB's shares trade ex-dividend on May 14, meaning you'll need to be on the share register at the close of play today to qualify for it.
Wesfarmers Ltd (ASX: WES)
I think that this conglomerate would be a great option for income investors. Wesfarmers has had a transformational year following a series of asset sales and divestments which I believe have made it stronger. I expect the combination of this and potential earnings accretive acquisitions to lead to solid earnings and dividend growth over the next few years. I estimate that its shares will provide investors with a fully franked 4.3% dividend yield over the next 12 months.
