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3 quality dividend shares to boost your income

This morning Westpac Banking Corp (ASX: WBC) released its weekly economic report which revealed that its analysts have once again held firm with their cash rate forecasts.

According to the report, the Westpac economics team expects the cash rate to remain on hold at the record low of 1.5% until at least December 2020.

During the same period the bank has predicted that the U.S. Fed Funds rate will rise from 2.125% up to 3.125%.

So while U.S. savers might be able to earn income from savings accounts and term deposits in the near future, Australian investors may have to wait a few years before that’s possible.

In light of this, I think savers ought to look to the Australian share market for income. Three shares that I would consider buying are as follows:

BHP Billiton Limited (ASX: BHP)

If you’re looking for income and exposure to the resources sector then I think BHP is a great option. While a global trade war could weigh on its performance, there are signs that tensions between the U.S. and China may be easing. If this proves to be the case and global economic growth is unhindered, then BHP would be well-positioned to deliver bumper profits again in FY 2019. This could allow the mining giant to grow its dividend, which currently offers a trailing fully franked 4.9% yield.

National Storage REIT (ASX: NSR)

I think that this self-storage giant is a great option for income investors. National Storage has a large network of centres across Australia and New Zealand and a sizeable cash balance to continue its growth through acquisition strategy. I expect this to support its medium term earnings and distribution growth. At present the company’s units provide a generous trailing 5.5% distribution yield.

Sydney Airport Holdings Ltd (ASX: SYD)

Sydney Airport is another top dividend share that I would consider this week. This year the airport operator is expected to increase its dividend to 37.5 cents per stapled security, which equates to a yield of 5.7% based on its last close price. The good news is that I believe this dividend could increase over the coming years thanks to its exposure to the inbound and outbound tourism boom that Australia is experiencing.

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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of and has recommended Sydney Airport Holdings Limited. The Motley Fool Australia has recommended National Storage REIT. 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 Scott Phillips.