Earlier this week National Australia Bank Ltd (ASX: NAB) became the latest bank to push back its Reserve Bank cash rate hike forecast to 2020.
If this forecast is accurate it will mean at least another year of rates at the record low of 1.5%, which will be disappointing news for investors that live off the income generated by savings accounts and term deposits.
Luckily, the Australian share market has come to the rescue with a large number of quality dividend options offering generous yields.
Three that I think income investors ought to consider buying today are listed below:
Accent Group Ltd (ASX: AX1)
Accent Group is a footwear retailer which is on course to deliver another solid result in FY 2019. It recently advised that the first 20 weeks of the financial year have been "materially stronger" than expected, leading to management forecasting a 15% to 20% increase in first half EBITDA. This is likely to put Accent in a great position to grow its dividend which currently provides investors with a trailing fully franked 4.8% yield.
Dicker Data Ltd (ASX: DDR)
Another quality dividend option is this ICT distributor. It specialises in servicing the mid-market and SMB communities with specific focus on presales capabilities, value added services, and emerging hybrid end to end technology solutions. This strategy has worked very well and led to the company delivering seven consecutive halves of revenue growth. It has also allowed the Dicker Data board to increase its dividend consistently. This trend is expected to continue this year, with the board intending to increase its dividend to 18 cents per share. This equates to a fully franked yield of 6.2%.
National Storage REIT (ASX: NSR)
Although National Storage's shares have just reached a 52-week high, I don't believe it is too late to consider an investment. I think the storage provider is a great option for income investors due to its generous yield and solid growth prospects. Thanks to its high occupancy levels, increasing demand, and growth through acquisition strategy, I believe the trust is positioned perfectly to continue increasing its distribution over the next few years. At present its units provide an above-average trailing 5.5% distribution yield.
