According to the latest Westpac Banking Corp (ASX: WBC) Weekly economic report, the banking giant continues to expect one more rate cut by the Reserve Bank.
Chief Economist, Bill Evans, said: "The November meeting minutes confirmed that, while the Board has a clear easing bias, for the time being they are in monitoring mode. Westpac continues to see a 25bp cut to 0.50% in February after which a move to unconventional monetary policy seems probable as Australian activity growth remains below trend and slack continues to build in our labour market."
If this proves accurate, it will be good news for borrowers, but a blow to income investors and savers. But thankfully for income investor, the Australian share market has your back.
Three top ASX dividend shares that can solve your income needs are listed below:
National Storage REIT (ASX: NSR)
I think National Storage would be a good option for income investors. This self-storage-focused real estate investment trust owns a network of 168 centres throughout the ANZ region, making it one of the largest in the region. However, despite its size, management continues to see plenty of room to grow through developments and acquisitions. Combined with solid demand, I expect this to lead to further solid income and distribution growth for a number of years to come. At present its shares provide a 5% trailing distribution yield.
Sydney Airport Holdings Pty Ltd (ASX: SYD)
Another dividend share for income investors to consider is Sydney Airport. I think the airport operator is one of the best dividend shares due to its strong market position and history of dividend increases. The good news is that I believe it is well-placed to continue this positive trend thanks to increasing international tourism and improving domestic tourism trends. At present Sydney Airport's shares offer a trailing 4.3% dividend yield.
Transurban Group (ASX: TCL)
A third dividend share to consider buying is Transurban. I continue to believe that the toll road operator is one of the best dividend shares on the local market. This is due to its world-class portfolio of roads, its defensive qualities, and solid growth potential. As with Sydney Airport, another positive is its long track record of distribution increases. This is expected to continue in FY 2020, with management intending to lift its distribution by 5.1%. Its units currently offer a trailing 3.9% distribution yield.
