There are a lot of options on the Australian share market for income investors to choose from.
But which ASX dividend shares could be among the best to buy right now?
To narrow things down, let's look at three shares that analysts think could be top picks this month.
Coles Group Ltd (ASX: COL)
As one of Australia's two supermarket giants, Coles is a classic example of a defensive ASX dividend share. Its stable earnings come from the fact that people need groceries no matter what the economy is doing. This consistency gives Coles the ability to keep paying dividends even during tougher times, as we saw during the pandemic.
While margins are tight in retail, Coles continues to focus on efficiency and automation in its supply chain. That helps protect profitability and supports steady, fully franked dividends for shareholders. For long-term investors seeking reliable income, this makes Coles hard to beat.
Macquarie is a fan of the company and has an outperform rating and $25.40 price target on its shares.
As for income, the broker is forecasting fully franked dividends of 77 cents per share in FY 2026 and then 84 cents per share in FY 2027. Based on its current share price of $23.96, this would mean dividend yields of 3.2% and 3.5%, respectively.
Accent Group Ltd (ASX: AX1)
Accent Group has proven itself to be a savvy dividend payer. The ASX dividend shares owns well-known footwear chains like Platypus and Hype DC, as well as exclusive distribution rights for major global brands. Its capital-light model allows it to return a large portion of earnings to shareholders through fully franked dividends each year.
Even in a competitive retail market, Accent has shown resilience by adapting quickly to shifting consumer trends and balancing online with in-store sales. For investors prepared to ride through some retail sector volatility, Accent offers an attractive combination of income and growth potential.
Bell Potter is positive on Accent and has a buy rating and $1.80 price target on its shares.
In respect to payouts, it is forecasting fully franked dividends of 7.8 cents per share in FY 2026 and then 9.2 cents per share in FY 2027. Based on its current share price of $1.36, this equates to dividend yields of 5.7% and 6.75%, respectively.
Treasury Wine Estates Ltd (ASX: TWE)
Finally, Treasury Wine could be an ASX dividend share to buy this month. It is one of the world's largest wine companies, with a portfolio of premium brands such as Penfolds and Wolf Blass. Its international reach, particularly in Asia and the U.S., gives it exposure to growing demand for luxury wine.
While the business has faced challenges in recent years, Treasury has repositioned itself to focus on premiumisation, lifting margins and strengthening cash flows. This bodes well for its dividends over the next decade.
Morgans remains a fan of the company and has a buy rating and $10.10 price target on its shares.
In respect to passive income, the broker is forecasting partially franked dividends per share of 41 cents in FY 2026 and then 46 cents in FY 2027. Based on its current share price of $7.79, this would mean dividend yields of 5.25% and 5.9%, respectively.
