Unfortunately for savers, The Melbourne Institute inflation expectation reading yesterday pointed to a drop in consumer inflation over the next 12 months.

If this reading proves to be accurate then it looks likely that the Reserve Bank will have to slash rates beyond the record low of 1.5% in order to hit its inflation targets.

With term deposits already at extreme lows and likely to get worse, I believe savers would be better off looking at the generous dividends on offer on the Australian market. Here are four which could be good options for savers:

Bendigo and Adelaide Bank Ltd (ASX: BEN)

As well as being the cheapest Australian bank based on book value, this regional bank pays one of the biggest dividends in the banking sector. Shareholders of Bendigo and Adelaide Bank are expected to receive a fully franked 6.7% dividend in FY 2017 according to CommSec.

Cedar Woods Properties Limited (ASX: CWP)

The shares of this leading property developer are expected to provide investors with a fully franked 5.7% dividend in FY 2017. The developer looks likely to have a strong year ahead of it. In its recent results it advised that it already has $130 million in pre-sales and a growing pipeline of development projects.

Harvey Norman Holdings Limited (ASX: HVN)

Thanks largely to a booming property market this leading retailer recently reported a 30% increase in full year net profit after tax to $348.6 million. The good news is that management expects this trend to continue for some time still. With its shares changing hands at 15x earnings and paying an estimated fully franked 5.5% dividend, this could prove to be a good investment.

WAM Capital Limited (ASX: WAM)

This leading fund manager has increased its dividend by an average of 8% per annum for the last five years. Thanks to its strong performance this year I wouldn’t be surprise to see the trend continue next year as well. WAM’s investment portfolio has returned 28.3% in the last 12 months thanks to great investments in companies such as Mayne Pharma Group Ltd (ASX: MYX) and a2 Milk Company Ltd (Australia) (ASX: A2M). I expect its shares to provide a fully franked 6.8% dividend in FY 2017.

Finally, if you're still looking for even more dividend ideas then look no further than these three fantastic shares. Each pays a solid and growing fully franked dividend and has the potential to jump higher in the next few months in my opinion.

Why These 3 Blue Chip Shares Are Set to Soar in 2016

Discover The Motley Fool's Top 3 blue chips for 2016. These 3 'new breed' shares pay fully franked dividends AND offer the prospect of significant capital appreciation. Simply click here to gain access to this comprehensive FREE investment report.

No credit card required!

HOT OFF THE PRESSES: Motley Fool’s #1 Dividend Pick for 2017!

With its shares up 155% in just the last five years, this ‘under the radar’ consumer favourite is both a hot growth stock AND our expert’s #1 dividend pick for 2017. Now we’re pulling back the curtain for you... And all you have to do to discover the name, code and a full analysis is enter your email below!

Simply enter your email now to receive your copy of our brand-new FREE report, “The Motley Fool’s Top Dividend Stock for 2017.”

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our https://www.fool.com.au/financial-services-guide">Financial Services Guide (FSG) for more information.

Motley Fool contributor James Mickleboro has no position in any stocks mentioned. 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.