The ASX dividend share space of the stock market is very compelling in the current interest rate-cutting period.
For every Australian interest rate cut, Aussies with money in savings accounts may see lower interest income. I think it makes more sense to buy ASX dividend shares now rather than waiting for a few more RBA rate cuts. We've already seen two cuts in 2025 and there are predictions for three or four cuts over the next 12 months.
With that in mind, I'll talk about two businesses that already provide large dividend yields and could provide even larger dividends in the coming years.
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Centuria Capital Group (ASX: CNI)
This is a fund manager that offers both real estate management funds and tax-effective investment bonds.
With interest rates coming down, I think the underlying value of properties could benefit from that tailwind, which could increase Centuria's funds under management (FUM).
Lowering rates may also make investors more bullish on the real estate sector, encouraging them to allocate more money to Centuria to manage, which could also boost FUM. It recently announced a $200 million industrial portfolio institutional partnership with BGO.
I think there's a high likelihood that Centuria's FUM could increase in FY26, which could boost the operating earnings of the business.
For now, I believe the business is undervalued, which contributes to the high dividend yield.
The ASX dividend share is one of the leaders in the sector, in my opinion. It's expecting to pay a distribution per security of 10.4 cents in FY25 (representing 4% growth year over year), translating into a distribution yield of 6.2%.
GQG Partners Inc (ASX: GQG)
This is one of my favourite ASX dividend shares right now because of its growth potential and its ability to pay large dividends.
I think the business trades on a price/earnings (P/E) ratio that's too low for its earnings growth.
As an equity focused fund manager, its FUM can grow from the long-term growth of the share market. It doesn't need to hold onto much generated profit to manage another US$1 billion of FUM, allowing it to grow quickly and provide a good dividend payout ratio.
In recent years, the business has provided a dividend payout ratio of 90% of distributable earnings.
While its funds' long-term performance is impressive, the business is also seeing pleasing FUM inflows. Currently, the ASX dividend share is seeing an additional US$1 billion of net inflows per month, providing a strong tailwind for growth of FUM, revenue, profit and earnings.
For example, in the month of May 2025, the business saw net inflows of US$1.4 billion. It ended May with US$168.5 billion of FUM.
The financial institution Macquarie predicts that GQG could pay an annual dividend per share of US 16.4 cents in FY26, which translates into a dividend yield of 12%. That'd be a very strong dividend yield by this ASX dividend share, in my view.
