With interest rates now heading lower and savings accounts offering slimmer returns, many investors are shifting their focus back to dividend-paying shares.
And with the ASX home to some of the world's most reliable income shares, there are plenty of attractive opportunities for those looking to put $20,000 to work right now.
If you're building or expanding an income-focused portfolio, three well-established Australian shares stand out as top choices for December.
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Harvey Norman Holdings Ltd (ASX: HVN)
Harvey Norman has long been a favourite among dividend investors thanks to its strong cash generation, extensive store network, and conservative balance sheet. While retail conditions have been patchy in 2025 due to cost-of-living pressures, Harvey Norman continues to benefit from resilient demand in categories such as appliances, technology, and furniture.
Another positive is that management owns a significant portion of the business, aligning their interests with shareholders and supporting a disciplined approach to capital allocation. And as economic conditions stabilise in 2026, Harvey Norman's earnings, and its dividends, are well placed to improve again.
At present, its shares trade with a trailing fully franked dividend yield of 3.9%.
Super Retail Group Ltd (ASX: SUL)
Another ASX dividend share to consider for that $20,000 investment is Super Retail Group.
It is the owner of well-known retail brands Supercheap Auto, Macpac, BCF, and Rebel. These businesses operate in categories where customers tend to remain relatively loyal even during tougher economic periods. That resilience has helped Super Retail deliver consistently strong earnings and a steady stream of dividends.
In recent years, the company has strengthened its balance sheet, expanded its online presence, grown its loyalty program, and improved inventory efficiency, positioning it well for the future. Especially now interest rates are falling.
And with its shares trading at attractive levels compared to historical averages, dividend investors are being offered both income and potential upside as trading conditions normalise.
Super Retail's shares currently trade with a trailing fully franked dividend yield of 4.2%.
Woolworths Group Ltd (ASX: WOW)
A final ASX dividend share to consider is Woolworths. As one of the country's big two supermarket operators, it is a defensive option that is able to generate stable revenue regardless of economic cycles.
This consistency allows Woolworths to pay reliable dividends year after year. And despite some recent share price weakness related to increased competition and shifting consumer behaviour, Woolworths remains a dominant player with a strong brand, deep customer loyalty, and growing digital capabilities.
It is currently trading with a trailing fully franked dividend yield of 3.1%.
