While the outlook for interest rates is improving, rates are still expected to remain at lower than average levels for some time to come.
In light of this, the share market arguably remains the best place to earn a passive income. But which ASX dividend shares should you consider buying? Two with great yields to look at today are listed below:
Centuria Industrial REIT (ASX: CIP)
The first dividend share for income investors to consider is Centuria Industrial. This industrial focused property company has a portfolio of high quality assets that it expects to deliver income and capital growth for investors over the coming years. This portfolio includes assets with exposure to attractive industrial sub-sectors including distribution centres, cold storage, and transport logistics.
The team at Macquarie appear confident in the company's growth outlook. Its analysts are forecasting a 17.3 cents per share distribution in FY 2022 and then an 18.4 cents per share distribution in FY 2023. Based on the current Centuria Industrial share price of $3.68, this will mean yields of 4.7% and 5%.
Macquarie also sees decent upside in the Centuria Industrial share price at the current level. The broker has an outperform rating and $4.22 price target on its shares.
Westpac Banking Corp (ASX: WBC)
Another ASX dividend share to look at is Westpac. The shares of Australia's oldest bank have been sold off recently and are trading almost 23% lower than their 52-week high.
This sell off was driven by the release of its full year results earlier this month. Although Westpac reported a 105% jump in cash earnings to $5,352 million and announced a $3.5 billion off-market share buyback, its notably weaker than expected margin outlook spooked the market.
While that outlook was disappointing, the team at Morgans remains very positive and sees the share price weakness as a buying opportunity. Its analysts have put an add rating and $30.50 price target on Westpac's shares.
The broker also continues to forecast generous dividend yields in the near future. Morgans has pencilled in fully franked dividends of $1.23 per share in FY 2022 and then $1.62 per share in FY 2023. Based on the current Westpac share price of $20.92, this will mean yields of 5.9% and 7.7%, respectively.
