As was expected, on Tuesday the Reserve Bank of Australia kept the cash rate on hold at the record low of 0.1%. Unfortunately, this is expected to remain the case until at least the end of next year.
In light of this, dividend shares look set to remain one of the best ways to earn a passive income for the foreseeable future.
But which dividend shares could be top options today? Here are two to look at:
Coles Group Ltd (ASX: COL)
The first ASX dividend share to look at is this supermarket giant. It could be worth considering due to its strong market position, focus on automation, and cost reduction plans. Analysts at Morgans are fans of the company. They currently have an add rating and $19.80 price target on its shares.
The broker is also forecasting dividends of 61 cents per share in FY 2022 and then 62 cents per share in FY 2023. Based on the current Coles share price of $17.70, this represents yields of 3.4% and 3.5%, respectively, over the next two years.
Transurban Group (ASX: TCL)
Another ASX dividend share to look at is Transurban. It is a toll road operator with a portfolio of important roads throughout Australia and North America. While traffic volumes have been impacted by the pandemic and recent lockdowns, they are expected to rebound once trading conditions return to normal.
For this reason, the team at Ord Minnett believes it is worth sticking with the company. Its analysts currently have a buy rating and $15.50 price target on its shares. The broker is also forecasting dividends of 36.5 cents per share in FY 2022 and then 48.4 cents per share in FY 2023. Based on the current Transurban share price of $14.33, this will mean yields of 2.5% and 3.4%, respectively.