Over the last 7 days, the Australian market has dropped 1.3%, but it is up 10% over the past year with earnings forecast to grow by 12% annually. In this context, identifying dividend stocks that offer reliable yields can be a prudent strategy for investors looking to benefit from both income and potential growth.

Top 10 Dividend Stocks In Australia

Click here to see the full list of 35 stocks from our Top ASX Dividend Stocks screener.

Here's a peek at a few of the choices from the screener.

MyState

Simply Wall St Dividend Rating: ★★★★☆☆

Overview: MyState Limited (ASX:MYS) operates in Australia offering banking, trustee, and managed fund services through its subsidiaries, with a market cap of A$412.72 million.

Operations: MyState Limited generates revenue from its banking segment (A$135.47 million), wealth management services (A$15.68 million), and corporate and consolidation activities (A$0.08 million).

Dividend Yield: 6.2%

MyState Limited recently declared a fully franked dividend of A$0.115 per share, payable on September 16, 2024. Despite a payout ratio of 71.8%, which suggests dividends are covered by earnings, the company's dividend history has been volatile over the past decade with significant drops and unreliability. Earnings have declined slightly year-over-year but remain substantial at A$35.29 million for FY2024. The stock's price-to-earnings ratio is an attractive 11.7x compared to the broader Australian market's 19.3x.

• Navigate through the intricacies of MyState with our comprehensive dividend report here.

• Upon reviewing our latest valuation report, MyState's share price might be too optimistic.

Nick Scali

Simply Wall St Dividend Rating: ★★★★★☆

Overview: Nick Scali Limited (ASX:NCK) is involved in sourcing and retailing household furniture and related accessories across Australia, the United Kingdom, and New Zealand, with a market cap of A$1.28 billion.

Operations: Nick Scali Limited generates revenue primarily through the retailing of furniture, amounting to A$468.19 million.

Dividend Yield: 4.4%

Nick Scali Limited declared a fully franked final dividend of A$0.33 per share for the six months ended June 30, 2024, with a record date of September 26 and payable on October 17. Despite a decrease in sales to A$468.19 million and net income to A$80.61 million, the company maintains stable dividends covered by earnings (68.9% payout ratio) and cash flows (54.8% cash payout ratio). The dividend yield stands at 4.41%, lower than top-tier Australian dividend payers but reliable over the past decade with consistent growth and stability.