The Australian share market is home to a number of high-quality blue chip shares.
However, with so many for investors to choose from, it can be difficult to decide which ones to buy.
To narrow things down, I've picked out three blue chip shares which I think are great options for investors right now. They are as follows:
Coles Group Ltd (ASX: COL)
The first blue chip to consider buying is Coles. I think it could be great long term option due to its solid growth potential thanks to its defensive earnings, expansion opportunities, and its refreshed strategy. In respect to the latter, the Smarter Selling pillar of its strategy is aiming to deliver $1 billion in cumulative savings by FY 2023. This will be through initiatives including the use of technology to automate manual tasks and simplifying above-store roles to remove duplication.
CSL Limited (ASX: CSL)
Another blue chip share to buy is CSL. I believe the global biotherapeutics giant is one of Australia's highest quality companies and a great buy and hold option. This is due to the strength and growth potential of its CSL Behring and Seqirus businesses. I believe CSL's Behring business in particular is well-placed for growth thanks to increasing demand for immunoglobulins, its growing plasma collection network, and burgeoning research and development pipeline.
Telstra Corporation Ltd (ASX: TLS)
A final blue chip share to consider buying is Telstra. I like the telco giant due to its attractive valuation and the solid progress it is making with its T22 strategy. This strategy is creating a much leaner operation and one which I believe could return to growth in the coming years. Especially given the improving trading conditions in the telco industry and the arrival of 5G internet. The latter could give Telstra's mobile revenues a major boost in the next few years.
