Thankfully for income investors, the Australian share market is home to a wide range of dividend-paying ASX shares.
But which ones could be top buys in May?
Listed below are three ASX dividend shares that could be worth buying this month. Here’s what you need to know about them:
Amcor plc (ASX: AMC)
The first ASX dividend share to look at is Amcor.
Amcor is a global packaging company that supplies flexible and rigid packaging products to customers across food, beverage, healthcare, personal care, and other consumer markets.
This gives the business exposure to everyday demand. Packaged food, medicine, and household goods continue moving through supply chains regardless of short-term market sentiment.
It is thanks to this that some analysts are expecting Amcor shares to offer dividend yields of more than 7% in both FY 2026 and FY 2027.
Rural Funds Group (ASX: RFF)
Another ASX dividend share worth looking at is Rural Funds Group.
It owns agricultural properties across Australia and leases them to operators in sectors such as cattle, cropping, almonds, macadamias, and vineyards.
The appeal here is the nature of the company’s assets. Farmland is a real asset tied to long-term demand for food and agricultural production. Rental income can also provide a clearer earnings stream than direct exposure to farm operating conditions.
Rural Funds still faces risks from interest rates, weather conditions, and tenant performance. But its portfolio gives income investors access to a part of the property market that looks very different from offices, shopping centres, or warehouses.
Its shares are expected to offer dividend yields of around 6% in FY 2026 and FY 2027.
Lottery Corporation Ltd (ASX: TLC)
A third ASX dividend share that could appeal is Lottery Corporation.
The company operates lottery and keno licences across much of Australia. These licences provide exposure to a large, regulated market with strong brand recognition and recurring customer activity.
Lottery earnings can be influenced by jackpot cycles, but the business has a cash-generative model and limited capital intensity compared with many other industries.
This can support dividends over time, particularly when trading conditions are favourable.
For income investors seeking exposure outside the usual sectors, Lottery Corporation offers a dividend stream backed by a defensive and highly cash-generative business model.
It is expected to offer dividend yields of 3.2% in FY 2026 and then 3.7% in FY 2027.
The post 3 excellent ASX dividend shares for income investors to buy in May appeared first on The Motley Fool Australia.
Should you invest $1,000 in Amcor Plc right now?
Before you buy Amcor Plc shares, consider this:
Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Amcor Plc wasn’t one of them.
The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
And right now, Scott thinks there are 5 stocks that may be better buys…
* Returns as of 20 Feb 2026
.custom-cta-button p {
margin-bottom: 0 !important;
}
More reading
- Should investors buy low on these ASX shares hitting 52-week lows?
- Hunting passive income? Here are three ASX dividend shares to buy
- Why did this broker just lower its price targets on these ASX shares?
- Should you buy Amcor shares for the 7% dividend yield?
- Is this the best ASX dividend stock to buy for passive income?
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended The Lottery Corporation. The Motley Fool Australia has positions in and has recommended Amcor Plc and Rural Funds Group. The Motley Fool Australia has recommended The Lottery Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.