On Thursday the Australian Bureau of Statistics revealed that the unemployment rate increased by 0.2 percentage points or 31,000 people to 5.3% in January.
This disappointingly weak jobs report appears to have strengthened the case for further rate cuts by the Reserve Bank in 2020.
Which means it may not be long until interest rates on savings accounts and term deposits go even lower.
But don't worry if you're an income investor, because these top dividend shares could be great alternatives to traditional interest-bearing assets:
Aventus Group (ASX: AVN)
This fully integrated owner, manager and developer of large format retail parks delivered a solid half year result earlier this week. Thanks to its high occupancy rate and diversified tenancy mix, Aventus reported like-for-like net operating income growth of 3.1%. This means the company is on track to achieve the top end of its guidance range in FY 2020. Which should mean a distribution of 17.1 cents per share for the full year. This equates to a 5.65% distribution yield.
Macquarie Group Ltd (ASX: MQG)
I think Macquarie could be a great long term option for income investors. This is due to the quality and diversity of its operations and its talented management team. I feel these have left the investment bank well-positioned for solid earnings and dividend growth over the next decade even when the big four banks are struggling. At present Macquarie's shares offer a partially franked estimated forward dividend yield of 3.9%.
Vanguard Australian Shares High Yield ETF (ASX: VHY)
Another good option to consider buying is the Vanguard Australian Shares High Yield ETF. As its name implies, this ETF gives investors exposure to some of the highest yielding shares on the Australian share market. This diverse group includes the likes of Telstra Corporation Ltd (ASX: TLS) and the big four banks. At present the ETF offers income investors a forecast forward 5.1% dividend yield.
