On Tuesday the Reserve Bank of Australia released the minutes of its April meeting and revealed that members "agreed that inflation was likely to remain low for some time."
It also acknowledged that if inflation were to remain low and unemployment trended higher, it would mean "a decrease in the cash rate would likely be appropriate."
I believe there is a real risk of this happening, which could support calls for cash rate cuts later this year.
In light of this, I think now is a great time for income investors to consider picking up one of these dividend shares to beat low interest rates:
Dicker Data Ltd (ASX: DDR)
Although the shares of this wholesale distributor of computer hardware and software have been on fire in 2019 and recently hit an all-time high, they still provide investors with a generous and growing dividend. This year the Dicker Data board has provided dividend guidance of 22 cents per share, which equates to a fully franked 4.9% forward dividend yield.
National Storage REIT (ASX: NSR)
National Storage is one of the largest self-storage owner-operators in Australia and New Zealand with a network of 146 storage centres. Its network is expected to grow further in the coming years thanks to its growth through acquisition strategy and development pipeline. Combined with organic growth, I expect the REIT to be in a position to continue growing its distribution at a solid rate over the coming years. This year National Storage plans to pay a full year distribution of 9.6 cents to 9.9 cents per unit, which equates to a yield of between 5.5% to 5.7%.
Rural Funds Group (ASX: RFF)
Rural Funds is an agriculture-focused real estate property trust with a collection of high-quality assets across different climatic zones and industries. Thanks to the quality of its portfolio, long term leases, and use of rental indexation, I believe Rural Funds is well-positioned to deliver solid distribution growth over the next decade. Its units currently offer income investors a 4.9% forward distribution yield.
