Tomorrow afternoon the Reserve Bank will meet to decide on the cash rate. The general consensus is that the central bank will refrain from making a cut this month.
However, current cash rate futures indicate that the market doesn't expect this to be the case for too long. Cash rate futures are pointing to a 100% probability of a rate cut by June of this year.
This will bring the cash rate down to a record low of 0.5%. It will also put pressure on Commonwealth Bank of Australia (ASX: CBA) and the rest of the big four to cut the interest rates on offer with interest-bearing assets.
But don't worry, because the Australian share market is here to the rescue.
Here are three top dividend shares that will help you beat the rate cuts:
Accent Group Ltd (ASX: AX1)
Accent Group is a footwear-focused retail group behind popular retail chains such as Athlete's Foot, HYPE DC, and Platypus. It is also the owner of the exclusive rights to a number of popular global footwear brands in the Australian market. After a positive start to FY 2020, I'm confident that it is well-placed for further profit and dividend growth this year. At present I estimate that its shares offer a forward fully franked 5.1% dividend yield.
Macquarie Group Ltd (ASX: MQG)
Whilst I think the big four banks are in the buy zone, if you're not a fan then Macquarie could be a good alternative. Due to the quality and diversity of its operations and its talented management team, I feel it is well-positioned for growth over the next decade. At present Macquarie's shares offer a partially franked estimated forward dividend yield of approximately 4.1%.
Stockland Corporation Ltd (ASX: SGP)
A final option to consider buying is Stockland. This property group owns, manages and develops a diverse range of quality assets such as retail centres and residential properties. Pleasingly, Stockland has built on FY 2019's solid result and started the new financial year in a positive fashion. Based on this, I estimate that its shares currently offer a forward 5.7% distribution yield.
