The Australian market has climbed 1.4% in the last 7 days and is up 12% over the last 12 months, with earnings expected to grow by 14% per annum over the next few years. In this favorable environment, identifying strong dividend stocks that offer consistent returns can be a smart strategy for investors seeking both income and growth potential.

Top 10 Dividend Stocks In Australia

Click here to see the full list of 34 stocks from our Top ASX Dividend Stocks screener.

Let's take a closer look at a couple of our picks from the screened companies.

Nick Scali

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

Overview: Nick Scali Limited, with a market cap of A$1.34 billion, sources and retails household furniture and related accessories in Australia, the United Kingdom, and New Zealand through its subsidiaries.

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

Dividend Yield: 4.2%

Nick Scali's dividend payments have been reliable and stable over the past 10 years, with a current yield of 4.19%, which is lower than the top 25% of Australian dividend payers. The dividends are well-covered by both earnings (payout ratio: 68.9%) and free cash flows (cash payout ratio: 54.8%). Despite recent declines in sales (A$468.19 million) and net income (A$80.61 million), the company declared a fully franked final dividend of A$0.33 per share for H2 FY2024, payable on October 17, 2024.

• Unlock comprehensive insights into our analysis of Nick Scali stock in this dividend report.

• According our valuation report, there's an indication that Nick Scali's share price might be on the cheaper side.

National Storage REIT

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

Overview: National Storage REIT (ASX:NSR) is the largest self-storage provider in Australia and New Zealand, operating over 225 centres and serving more than 90,000 customers, with a market cap of A$3.28 billion.

Operations: National Storage REIT generates revenue primarily from the operation and management of its storage centres, amounting to A$354.69 million.

Dividend Yield: 4.6%

National Storage REIT announced a final distribution of 5.5 cents per stapled security for the six months ending June 30, 2024, payable on September 2, 2024. The company reported FY2024 revenue of A$355.37 million and net income of A$28.93 million, down from A$37.3 million last year. Despite lower earnings, NSR's dividends are covered by both earnings (payout ratio: 55.5%) and cash flows (cash payout ratio: 82.4%), maintaining reliability over the past decade with a current yield of 4.58%.