I was intrigued by the discussion on the growth rate of CSL dividends, so I got the data all the way back to 1994 (data from Intelligent Investor). The chart tells the story:
Red dots are the CSL dividends in AUD per financial year. The blue dotted line is the exponential best fit, with the equation displayed. If you know your mathematics (OK, I happen to have a PhD in applied mathematics!), you'll calculate that the trend growth rate is 13.5% per year since 1994. A couple of points that struck me - the great performance in the lead up to the financial crisis in 2008, and what appears to be the effect of Covid 19 in recent years. Overall, I think everyone would agree that the long-term performance is hugely impressive!
By the way, all dividends up to 2004 FY were fully franked. Since then, there has been almost no franking.
So, the big question - can they sustain this effort, at least for a few more years?
dividend growth rate, page-11
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