Even though official interest rates are already at a record low of 1.75%, there seems to be a growing sense of inevitability that the RBA will be forced to cut rates even further over the next 12 months.

Some commentators are suggesting Australia’s interest rates are still too high compared to other countries around the world and that sluggish economic growth combined with benign inflation will force the hand of the RBA to cut rates to potentially as low as 1%.

While it is debatable whether or not the RBA will have to cut rates to that level, it is clear that interest rates are likely to stay at historically low rates for some time to come.

Investors searching for higher yields will undoubtedly consider the share market and one of the first shares they might consider is Commonwealth Bank of Australia (ASX: CBA).

Although it offers an attractive fully franked dividend yield of 5.4%, I think these higher yielding shares are even more attractive:

Macquarie Group Ltd (ASX: MQG)

Macquarie might be viewed as a little too risky for some conservative investors, but I think it offers far more upside potential than the big four banks over the long term. It has a growing asset management business and its exposure to offshore markets means it is leveraged to far more opportunities (and risks) abroad. The shares are currently trading on a forecast FY17 partially franked dividend yield of 5.7%.

G8 Education Ltd (ASX: GEM)

The childcare operator has delivered exceptionally strong growth over recent years and this has translated into higher dividends for shareholders. The shares are currently trading on a fully franked dividend yield of 6.2% and investors also get the benefit of having the dividend paid out quarterly. On top of growing dividends, investors can also expect earnings to steadily grow as G8 Education endeavours to take advantage of an industry that is well supported by governments and will provide opportunities for further consolidation.

Vanguard Australian Shares High Yield ETF (ASX: VHY)

Exchange traded funds (ETFs) are a good option for inexperienced investors or for investors starting out with a small amount of capital. They are generally low cost products and provide instant diversification via a large basket of shares. There are a number of high-yield ETFs available on the ASX at the moment and the one provided by Vanguard is currently trading on a partially franked forecast dividend yield of 6.1%.

Forget companies cutting dividends like BHP and Rio Tinto when you can get GROWING dividends.

This "dirt cheap" company. is growing like gangbusters, and trading on a fat dividend yield, FULLY FRANKED. With interest rates set to stay at these low levels for years to come, for income-hungry investors, including SMSFs, this ASX company could be the "Holy Grail" of dividend plays for 2016. Click here to gain access to this comprehensive FREE investment report, including the name of this fast growing ASX dividend share. No credit card required.

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Motley Fool contributor Christopher Georges owns shares of G8 Education Limited and Macquarie Group Limited. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.