The Australian share market traditionally provides investors with an average dividend yield of 4% each year.
And while that is a nice yield and can give your passive income a boost, investors don't have to settle for that.
That's because there are plenty of ASX 200 shares that are forecast to provide investors with even greater yields in the future.
For example, based on consensus forecasts, the three ASX 200 shares listed below could provide investors with humongous yields in FY 2024. Though, it is worth remembering that a lot can change between now and then, so these forecasts are not guarantees.
Huge forecast ASX 200 dividend yields
The ASX 200 share with the biggest potential yield in FY 2024 is New Hope Corporation Limited (ASX: NHC).
Consensus estimates show that this coal miner has been tipped to pay a $1.30 per share fully franked dividend. This equates to a 21.2% dividend yield at current prices.
Incidentally, the team at Citi is expecting an even greater dividend from New Hope. It has pencilled in a $1.93 per share fully franked dividend, which would mean a whopping 31.4% yield.
Next on the list is fellow coal miner Coronado Global Resources Inc (ASX: CRN). Consensus estimates show that the market expects a 24.1 cents per share dividend in FY 2024. This equates to a 12% yield at current prices.
It is worth noting that analysts at Bell Potter expect a dividend well ahead of consensus estimates. They are forecasting a 45.5 cents per share partially franked dividend, which represents a 22.6% yield.
Surprise, surprise, the third company on the list is also a coal miner – Whitehaven Coal Ltd (ASX: WHC).
Consensus estimates have the coal miner rewarding its shareholders with a 91 cents per share dividend in FY 2024. This represents a 10.3% dividend yield for owners of this ASX 200 share.
Though, once again, some analysts expect a much bigger dividend from the company. Bell Potter, for example, is forecasting a $1.66 per share fully franked dividend, which equates to an 18.8% yield.
Foolish takeaway
The coal industry certainly seems to be the place to be for income investors in the near term.
However, it is worth remembering that these dividends will only be possible if coal prices remain strong.
So, if you are investing in the space, it would pay to keep an eye on coal prices.
