The Australian share market is a great place to generate a passive income in retirement.

Especially in the current environment. With inflation close to being tamed by the Reserve Bank of Australia, there's a real possibility that interest rates will start to head lower next year.

This would make traditional income-generating options like savings accounts and term deposits far less attractive for retirees.

In fact, there's real prospect that the yield on offer from these financial instruments could fall well below the historical average share market dividend yield of 4%. This would make shares are great alternative to them.

But even then, income investors don't have to settle for average. Not when the high-yield ASX dividend shares listed below exist.

Brokers are currently tipping these buy-rated dividend shares to offer yields that would generate significant income in retirement. This could make the risk/reward on offer with them compelling for retirees.

Let's see what they are recommending as buys right now:

APA Group (ASX: APA)

The first high-yield ASX dividend share that could be a buy is APA Group. It is a leading energy infrastructure company that has a long track record of dividend increases.

So much so, the company is on course to lift its dividend for a stunning 20 years in a row.

The team at Macquarie believes the company will get there (and then some). The broker is forecasting dividend increases to 57 cents per share in FY 2025 and then 57.5 cents per share in FY 2026. Based on the current APA Group share price of $6.86, this equates to 8.3% and 8.4% dividend yields, respectively.

Macquarie currently has an outperform rating and $8.23 price target on its shares.

IPH Ltd (ASX: IPH)

Over at Goldman Sachs, its analysts think that IPH could be a high-yield ASX dividend share to buy. It is an intellectual property (IP) services company with businesses spanning the world.

The broker believes that IPH "is well-placed to deliver consistent and defensive earnings with modest overall organic growth."

In light of this, Goldman expects the company's dividend growth to continue. After 10 years of increases, the broker expects further hikes to a fully franked 36 cents per share in FY 2025 and then 39 cents per share in FY 2026. Based on the current IPH share price of $5.36 this represents yields of 6.7% and 7.3%, respectively.

Goldman currently has a buy rating and $7.50 price target on its shares.