Data released by the Australian Bureau of Statistics on Wednesday revealed that Australian wage growth decelerated unexpectedly during the December quarter. I believe this is yet another sign that inflation will be nowhere near the required levels for the Reserve Bank of Australia to take the cash rate higher in the near future. In light of this, I would suggest investors skip savings accounts and term deposits in favour of the many dividend shares on the Australian share market. Three of my favourites are listed below: National Australia Bank Ltd ( ASX: NAB ) One of my favourite bank shares at the moment is National Australia Bank. The banking giant's shares currently offer investors a trailing fully franked 8% dividend. While there is speculation that this dividend may need to be cut in order for the company to achieve the CET1 target ratio by 2020, I'm optimistic that its exposure to a strong performing business lending market will put it in a position to maintain it.