3 quality ASX shares for income investors to buy today

National Australia Bank Ltd (ASX:NAB) shares are one of three that I think income investors ought to consider buying this week…

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The Reserve Bank of Australia may not have cut rates at its meeting earlier this month, but recent economic data is pointing to a cut in June.

According to the latest ASX 30 Day Interbank Cash Rate Futures, the market has now priced in a 64% chance of a rate cut at the central bank's next meeting.

Whilst it would be disappointing for savers and income investors if this happened, I wouldn't worry too much as there are a large number of dividend shares on the Australian share market which can help you beat low interest rates.

Three income shares that I would buy this month are as follows:

National Australia Bank Ltd (ASX: NAB)

If you haven't got exposure to the banks yet then you could consider an investment in NAB. I think its shares are trading at an attractive level and, despite its recent dividend cut, provide one of the more generous dividends on the Australian share market. Earlier this month the NAB board cut its interim dividend to 83 cents per share. Assuming they do the same to the final dividend, the bank's shares currently provide a fully franked 6.85% dividend yield.

Rural Funds Group (ASX: RFF)

One of my favourite dividend shares is this this agriculture-focused real estate property trust. I'm a big fan of Rural Funds due to the quality of its portfolio, its use of rental indexation, and its long term leases. In respect to the latter, at its last update the company reported a weighted average pro forma lease expiry of 11.4 years across its 49 properties. I believe this means Rural Funds is well placed to increase its distribution at a steady rate over the next decade. This year the trust intends to pay distribution of 10.43 cents per unit, which equates to a forward 4.7% yield.

Transurban Group (ASX: TCL)

I think that this leading toll road operator would be a great option for income investors. Thanks to the winning combination of increasing demand for its roads and toll price rises, Transurban has been able to grow its dividend at a solid rate over the last decade. I believe the company is well-positioned to continue this trend over the long term thanks to increasing demand and its recent Westconnex acquisition. At present its units provide investors with a trailing distribution yield of 4.2%.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended RURALFUNDS STAPLED and Transurban Group. The Motley Fool Australia owns shares of National Australia Bank Limited. 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.

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