As was widely expected, the Reserve Bank of Australia cut the cash rate down to a record low of 1% on Tuesday.
Whilst this is great news for borrowers, it is very disappointing for savers who are likely to have to contend with even lower interest rates.
The good news is that the Australian share market is here to save the day with a plethora of dividend shares offering generous yields.
Here are three top dividend shares that I would buy this week:
Accent Group Ltd (ASX: AX1)
Accent Group is a footwear-focused retailer behind the likes of Athlete's Foot, HYPE DC, and Platypus. In the first half of FY 2019 the company delivered strong profit growth thanks to the winning combination of increasing sales and widening margins. I feel the fact that it achieved this in a very weak retail sector is a testament to the quality of the company and its management team. Pleasingly, I believe Accent is well-placed to continue this positive form in FY 2020, which could mean further increases for its dividend. At present its shares provide a trailing fully franked 5.9% dividend yield.
Scentre Group (ASX: SCG)
I think the owner of all the Westfield buildings in Australia and New Zealand would be a great option for income investors. In the first half of FY 2019 the company reported an average occupancy rate of 99.3% across its portfolio and a lift in customer visits to 535 million. Given how desirable its properties are due to the high levels of foot traffic, I believe demand will remain strong and allow Scentre to grow its FFO at a solid rate over the coming years. This should lead to similarly positive growth in its distribution, which at present offers investors a forward 5.8% yield.
Transurban Group (ASX: TCL)
Another dividend share to consider buying is this toll road operator. Transurban is one of my favourite dividend options on the local share market due to my belief that it is well-placed for growth thanks to the increasing number of vehicles using its roads and its strong pricing power. The company's growth should also be given a boost in the coming years from the recent Westconnex acquisition. At present Transurban's shares offer a trailing distribution yield of 4%.
