7 ASX dividend shares for reliable passive income as rates fall in 2025

Tim Montague-Jones
Tim Montague-Jones
Head of Australian Equity Research
Tim Montague-Jones has over 20 years of investment management experience working in the financial markets. Previous experience includes a ten year stint at Morningstar as a Senior Equity Analyst/Portfolio Manager, founding the Morningstar Growth Portfolio and a founding member of their Investment Committee. Tim was also a Senior Equity Analyst for Macquarie Group and a member of the winning team to obtain the 2016 LONSEC Fund Manager of the Year award.

With term deposit rates falling rapidlyfollowing multiple interest rate cuts by the RBA in 2025, income investors areonce again flocking to high-yield ASX dividend stocks.

Dividend shares, especially those withdefensive earnings and a history of consistent payouts, are now looking farmore attractive than bank savings accounts or government bonds. And when youadd franking credits into the mix, the appeal becomes even stronger.

So, if you’re looking to generate passiveincome in a lower-rate environment, here are seven ASX dividend shares thatcould offer consistent income streams for years to come.

7 ASX dividend shares for reliable passive income as rates fall in 2025
Top ASX dividend shares for dependable income in 2025
APA Group (ASX: APA)

A stalwart in the energy infrastructure sector, APA Group owns and operates a massive portfolio of gas pipelines and power assets across Australia. Its regulated revenue model and inflation-linked contracts make it a favourite among income investors. APA pays distributions quarterly and offers a stable, dividend yield of 6.89%, with upside potential as Australia transitions its energy mix.

Atlas Arteria (ASX: ALX)

Atlas Arteria is a toll road operator with assets in Europe and the United States. These infrastructure assets generate steady, inflation-linked cash flows, which are passed on to shareholders in the form of semi-annual dividends. Despite global economic uncertainty, ALX has maintained reliable payouts and is currently trading on a yield of 7.68%. It’s a solid pick for defensive income.

Inghams Group Ltd (ASX: ING)

As Australia’s largest poultry producer, Inghams might not seem like a traditional income stock — but its strong market position and vertically integrated business model make it surprisingly resilient. The company has been steadily growing its dividend and currently sports a fully franked yield of 5.1%. With chicken being a staple of Aussie households, Inghams is a consumer defensive with yield appeal.

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Property and agriculture in the dividend spotlight
Dexus Industria REIT (ASX: DXI)

Dexus Industria owns a diversified portfolio of logistics and industrial properties across Australia. While commercial property has faced headwinds, demand for warehouse and logistics assets remains strong. DXI trades at a discount to its net tangible assets (NTA) and offers a compelling yield of 5.8% (unfranked), paid quarterly. It’s an under-the-radar REIT with solid passive income potential.

Ricegrowers Ltd (ASX: SGLLV)

Better known for its flagship brand SunRice, Ricegrowers is a unique agribusiness with diversified operations across food production, milling, and export. It has built a reputation for disciplined capital management and reliable dividends. Shares currently yield around 5.2%, fully franked. For investors looking to diversify their income exposure outside banks and property, Ricegrowers adds rural resilience to the mix.

Banking and infrastructure finish the list strong
ANZ Group Holdings Ltd (ASX: ANZ)

One of the big four banks, ANZ has a long history of paying fully franked dividends. While its capital-light strategy differs slightly from peers, it has helped ANZ maintain consistent returns to shareholders even during more volatile periods. At the current share price, ANZ offers a fully franked dividend yield of 5.7%, making it a core holding for many income portfolios.

Dalrymple Bay Infrastructure Ltd (ASX: DBI)

Dalrymple Bay owns and operates the Dalrymple Bay Coal Terminal in Queensland — a critical export hub for metallurgical coal. With long-term, take-or-pay contracts in place, DBI’s cash flows are remarkably stable despite the commodity exposure. The stock currently pays a quarterly dividend with a yield of 5.7% (partially franked), making it one of the highest yielders on the ASX infrastructure list.

Final thoughts for passive income hunters

Whether you're looking to diversify your income away from term deposits or build a robust portfolio that pays you while you sleep, these seven ASX dividend stocks provide a variety of options. From infrastructure to poultry, banks to agribusiness, they each offer something different — but all share one thing in common: strong, reliable income in a falling rate environment.

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