The two extremes of the dividend bonanza were underlined this past week with shareholders delighted by a special return from Wesfarmers and the Reserve Bank of Australia ruing the lack of investment in the ­economy at the expense of dividends.

CIMB analysis prepared for Weekend AFR shows that dividend per share growth is running at an average 4.4 per cent this earnings period based on the companies that have filed results so far. That’s not growing as fast as ­earnings, which are rising on average 6.4 per cent.