As an alternative to buying a Listed Investment Co like Argo, AFI etc, look at an Index ETF.
STW issued by SPDR replicates the ASX200 index and pays out all dividends.
Similarly VAS replicates the ASX300, SFY the ASX50 and a new one, RDV, concentrates on high dividend paying blue chips.
Info here http://www.asx.com.au/products/etfs_etcs/types/australian_etfs.htm
Some useful independent reports on the SPDR funds here http://www.spdrs.com.au/
They trade like stocks and the vendors provide a market. I have held some SPDR stocks for a few years and am very happy with stress free performance that mirrors the index.
