The Australian share market is currently offering a 4.5% yield (80% franked), which is slightly below the long-term average of 4.6%. However, grossed up for franking credits, the dividend yield is 6.0%, which is well above 90 bank bills (1.8%), the 10-year bond yield (2.8%), and 12-month term deposits at the major banks (~2.4%). In this market, we believe the updated Quintessential yield stocks offer relatively high and believable dividend yields. The stocks must satisfy these criteria: 1) Market capitalisation of at least $1 billion, 2) Forecast FY17 dividend yield of at least 4.5% fully franked, 3) Earnings and/or dividend growth in FY17 & FY18, 4) A dividend cover ratio of at least 1.2 times, 5) A strong balance sheet, 6) A 'buy' or 'neutral' rating from the analyst. Find out which 12 ASX stocks meet these criteria in the video below.