The Australian share market remains a great hunting ground for passive income.
While bank shares often receive plenty of attention from dividend investors, there are many other options offering attractive forecast dividend yields.
Some of these shares also provide exposure to very different parts of the economy, which can be useful for investors trying to build a more diversified income stream.
Here are three ASX dividend shares that are rated as buys by brokers and forecast to yield more than 5% in FY 2027.
Image source: Getty Images
APA Group (ASX: APA)
The first ASX dividend share to look at is APA Group.
APA owns energy infrastructure assets, including gas pipelines and related infrastructure that help keep energy moving across Australia.
That gives the company an important role in the economy. Its assets support households, industry, power generation, and energy security, which can make its cash flows attractive to income-focused investors.
Citi is bullish on the company. It has a buy rating and $11.10 price target on APA's shares.
As for income, the broker expects APA to pay a dividend of 59 cents per share in FY 2027. Based on the current share price of $10.31, this represents a forward dividend yield of approximately 5.7%.
Charter Hall Long WALE REIT (ASX: CLW)
Another ASX dividend share that could be attractive for income investors is the Charter Hall Long WALE REIT.
This property trust owns a portfolio of leased assets across Australia, with a focus on long weighted average lease expiry properties.
That long-lease structure is the key part of the income story. Rather than relying heavily on short-term leasing conditions, Charter Hall Long WALE REIT is built around contracted rental income from a portfolio of tenants across different sectors.
Citi also sees value here. It has a buy rating and $4.10 price target on its shares.
The broker expects Charter Hall Long WALE REIT to pay a dividend of 25.7 cents per share in FY 2027. Based on the current share price of $3.75, this equates to a forecast yield of approximately 6.9%.
Universal Store Holdings Ltd (ASX: UNI)
A third ASX dividend share to consider is Universal Store.
It is a youth-focused fashion retailer with a portfolio of brands and stores targeting younger shoppers.
Retail shares can be cyclical, but Universal Store has built a strong position in its niche. Its store network, brand mix, and understanding of youth fashion trends give it a point of difference in a competitive market.
Morgans is positive on the company. It has a buy rating and $9.50 price target on Universal Store's shares.
With respect to income, the broker expects the company to pay a fully franked dividend of 46 cents per share in FY 2027. Based on its current share price of $7.34, this represents a forward dividend yield of approximately 6.3%.
