Later today the Reserve Bank of Australia will meet to decide on the cash rate once again.
According to the latest ASX 30 Day Interbank Cash Rate Futures for July, the market has priced in a 77% probability of a rate cut to 1% today.
If this happens then it is very likely that the big four banks will respond by cutting the interest rates offered with savings accounts and term deposits.
The good news is that there are a large number of quality dividend shares on the local market that can help you beat these low rates. Three top options are listed below:
Aventus Group (ASX: AVN)
One option is this owner, manager, and developer of retail parks in Australia. Despite tough trading conditions in the retail sector, demand for its sites across its 20 retail parks has remained very strong. This led to the company recording a 98.5% occupancy rate in the first half of the year and left it well-positioned to grow its distribution again in FY 2019. At present its units offer a trailing 7.2% distribution yield.
National Storage REIT (ASX: NSR)
Another quality option is this self-storage operator. Thanks to the success of its growth through acquisition strategy, National Storage has been growing its operating profit at a strong rate this year. The good news is that I believe the company is well-placed to continue this trend thanks to its recent $190 million equity raising. I expect this to lead to solid income and distribution growth over the coming years. At present its shares offer a trailing 5.4% distribution yield.
Rural Funds Group (ASX: RFF)
A final dividend option to consider buying is this agriculture-focused property group. I think Rural Funds is one of the best buy and hold dividend shares due to the quality of its assets and its long tenancy agreements. As of its last update, Rural Funds' weighted average lease expiry (WALE) was a mammoth 11 years. Combined with a mix of rent reviews and indexation, this is expected to provide stable income and distribution growth over the next decade. This year Rural Funds plans to pay a distribution of 10.43 cents per share, which equates to a yield of 4.5%.
