ASX blue-chip shares can be some of the most attractive options for passive income because of their market positions, their status as among the sturdiest businesses in Australia and their appealing dividend yields.
I'm going to look at two leaders in the industries they operate in and I believe they're trading at great value.
Both of the below businesses have solid dividends and I believe they're buys for right now.
Image source: Getty Images
Scentre Group (ASX: SCG)
This business owns 42 Westfield destinations across Australia and New Zealand, including 12,000 outlets.
The latest update from the business was released on 4 November 2026. It showed ongoing positive operating performance, despite the economic headwinds for households. In 2026 to 1 November 2026, customer visitations were 452 million, up 3.2% year-over-year (or up 14 million in actual visitor terms). Customer visitation over the past 12 months was 554 million, an increase of 3.1%.
Total annual business partner (tenant) sales to 30 September 2026 were $30.5 billion, up $1 billion year-over-year.
For the three months to 30 September 2026, business partners achieved total sales growth of 3.5%, with specialty store sales growth of 4.6%.
It's seeing strong demand for space in its Westfield locations, with an occupancy rate of 99.8%, the highest level it has been for more than a decade.
The strong sales growth by tenants is translating into good rental growth for Scentre. It achieved average specialty rent escalations of 5.6% in the nine months to 30 September 2026 and 2,085 leasing deals were completed.
It continues to progress a number of projects that could help drive future rental earnings, such as its $240 million redevelopment of Westfield Bondi in Sydney. It's also looking to add residential living to its properties that could help unlock further value from its land.
The business expects to grow its funds from operations (FFO) – the net rental profit – by at least 4.25% in FY27. This will help fund distribution growth of 4.25% to 18.473 cents per security. That's a forward distribution yield of 5.1%.
Australian Foundation Investment Co Ltd (ASX: AFI) (AFIC)
The other ASX blue-chip share I want to highlight is this listed investment company (LIC) which invests in a portfolio of ASX blue-chip shares. AFIC is the largest LIC on the ASX and it's also one of the oldest.
AFIC aims to provide shareholders with attractive investment returns through access to a growing stream of fully franked dividends and capital growth over the medium to long term.
The business has been very successful with its aims considering it has provided investors with a resilient dividend this decade (and this century). Since the start of 2000, the AFIC share price has risen around 160%.
In its portfolio are names like BHP Group Ltd (ASX: BHP), Commonwealth Bank of Australia (ASX: CBA), CSL Ltd (ASX: CSL), National Australia Bank Ltd (ASX: NAB), Westpac Banking Corp (ASX: WBC), Transurban Group (ASX: TCL), Telstra Group Ltd (ASX: TLS), Wesfarmers Ltd (ASX: WES) and ANZ Group Holdings Ltd (ASX: ANZ). It's a great way to get diversified exposure to ASX blue-chip shares.
At the time of writing and a share price of $6.92, it's trading at a 13% discount to the October net tangible assets (NTA) of $7.92. That monthly update was released on 6 November 2026. Thanks to that NTA discount, the trailing grossed-up dividend yield is 5.4%, including franking credits, at the time of writing.
