According to the latest Westpac Banking Corp (ASX: WBC) Weekly economic report, its economists continue to forecast another cash rate cut by the Reserve Bank.
The banking giant believes the cash rate will be taken down to 0.5% by March 2020. After which, it expects rates to stay at this level until at least the end of 2021.
In light of this, it looks likely that income investors will have to contend with low rates for some time. But don’t worry because the ASX is here to save the day with its plethora of dividend shares. Three dividend shares that I would consider buying this week are listed below:
National Australia Bank Ltd (ASX: NAB)
If you don’t already have exposure to the banking sector, then I think NAB would be worth considering this month. Especially with the housing market looking likely to rebound in 2020. If this happens I believe it could drive solid mortgage loan growth and support its bottom line. I estimate that its shares currently offer a fully franked 6% forward dividend yield.
Stockland Corporation Ltd (ASX: SGP)
Another dividend share to consider is this diversified Australian property company. It owns, manages and develops retail centres, workplace and logistics assets, and residential and retirement communities. This year it is forecast to increase its distribution to 27.8 cents per unit, which works out to be a forward 6.1% distribution yield.
Transurban Group (ASX: TCL)
Finally, I think this toll road operator is one of the best dividend shares on the ASX for income investors. This is due to the quality of its assets, their strong pricing power, and increasing traffic. Combined with recent acquisitions and developments, I believe it is well-placed for solid long term income and distribution growth. This year management plans to increase its distribution to 62 cents per security, which equates to a forward 4.2% forward yield.
As well as Transurban, these top dividend shares could be some of the best on the market.
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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of and has recommended 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.