With savings accounts and term deposits still offering very low interest rates, the share market arguably remains the best place to earn a passive income.
But which ASX dividend shares should you consider buying? Two to look closely at are listed below:
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Charter Hall Social Infrastructure REIT (ASX: CQE)
The Charter Hall Social Infrastructure REIT is a real estate investment trust focused on social infrastructure properties. These include properties such as childcare centres and government sites.
This morning the company released its full year results and revealed a 103% increase in statutory profit to $174.1 million. This was driven by a strong operating performance and further increases in its property valuations.
This allowed the Charter Hall Social Infrastructure REIT to increase its distribution to 19.71 cents per share. This comprises a distribution of 15.7 cents and a special distribution of 4 cents.
Positively, further growth is expected in FY 2022. Management provided guidance for a distribution of 16.7 cents per share, representing a 6.4% increase year on year.
Based on the current Charter Hall Social Infrastructure REIT share price of $3.53, this will mean a yield of 4.7% for investors. Goldman Sachs currently has a buy rating and $3.84 price target on its shares.
Westpac Banking Corp (ASX: WBC)
Another ASX dividend share to look at is Westpac. It could be a top option due to its strong performance in FY 2021 and its positive outlook.
In respect to the former, for the six months ended 31 March, Australia's oldest bank reported cash earnings of $3,537 million. This was up 256% over the prior corresponding period and 119% over the second half of FY 2020.
The team at Goldman Sachs are positive on Westpac as well. The broker currently has a buy rating and $29.03 price target on its shares. This compares to the current Westpac share price of $25.76.
The broker is also forecasting generous dividend yields in the near term. Based on where its shares trade today, Goldman expects yields of ~4.5% and ~4.8% in FY 2021 and FY 2022, respectively.
