Div yields are declining. Franking is declining. Interest yields are declining and the spread for risk isnt widening so must fall. As is the market.
Look at ETFs such as high yield (IHD etc)... They have fallen faster than the index.
http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=IHD#chart
However if I were a 65 year old investor with a 20 year portfolio of blue chips such as CBA who cares. My yield is insane. My CBA shares that cost $5.40 pay almost that annually.
