Buy Hold Sell: Where should you be looking for income (and 2 top picks)

The ASX yield has been stuck below 4% for years. Banks trade on elevated multiples, defensives are crowded, and what were once dependable income stalwarts now offer yields that would have looked anaemic a decade ago. So, has income investing in Australia structurally changed? Or are we simply in the later stages of a cycle that will eventually reset? In this episode of Buy Hold Sell, Livewire's Chris Conway hosts Peter Gardner from Plato Asset Management and Sean Roger from Perpetual to unpack what is really driving yield compression. Is it the commodity dividend boom fading and now returning? A sustained re-rating of banks and other large-cap defensives? The steady shift from active to passive money concentrating capital at the top end of town? Or a combination of all three? They move beyond the headline index yield to explore where reliable income is still emerging, why mid-cap industrials and mining services are back in focus, and how to avoid the dividend traps that can turn a 10% yield into zero overnight. Finally, each guest names one ASX stock they believe the market is underestimating over the year ahead. Time codes 0:00 - Introduction 0:35 - Is it structural or a cycle lull for income? 2:46 - Where to find reliable income on the ASX 4:15 - The sectors to avoid right now 6:08 - Dividend growth vs headline yield 8:14 - GPT Group 9:43 - Monadelphous Group