Later today the Reserve Bank of Australia will meet again to decide on the cash rate.
The general consensus is that the central bank will keep rates on hold for yet another month and then look at taking them lower in the months that follow.
If this occurs then I believe that interest rates are likely to remain at ultra-low levels for many years to come.
Luckily, there are a large number of quality dividend shares trading on the ASX that offer yields that smash those on offer with term deposits and savings accounts.
Three to consider are as follows:
Dicker Data Ltd (ASX: DDR)
One of my favourite dividend shares on the Australian share market is this leading wholesale distributor of computer hardware and software in Australia and New Zealand. I've been very impressed with the way Dicker Data has been growing its profits at a strong rate over the last few years and was pleased to see management expect more of the same this year. In FY 2019 the company expects to achieve profit growth of at least 10% and has provided dividend guidance of 22 cents per share. This works out to be a fully franked 5.2% forward dividend yield.
National Australia Bank Ltd (ASX: NAB)
If you don't already have meaningful exposure to the banking sector, then I think it could be worth considering an investment in this banking giant's shares. Although there are concerns that tough trading conditions may mean that NAB has to cut its dividend in order to achieve APRA's stated unquestionably strong capital requirement of 10.5%, I believe this has already been priced into its shares and wouldn't expect them to come under pressure if a cut materialised. At present NAB's shares offer a trailing fully franked 7.8% dividend yield.
Super Retail Group Ltd (ASX: SUL)
I think Super Retail shares are a great mix of growth, value, and income. The retail group behind brands such as Rebel and Super Cheap Auto posted an 8.9% increase in net profit after tax in the first half of FY 2019. The good news is that Super Retail started the second half equally strong, putting it in a position to deliver another stellar full year result. Despite this, its shares are changing hands at 11x trailing earnings and offer a trailing fully franked 6% dividend.
