Where to now for long term investors of Telstra, page-6718

I think you may be over estimating how “clever” self funded retirees are. It’s pretty simply really, no need for clever accounting. The superannuation earnings of people who have “retired” are not taxed. Hence if they own shares in companies that pay franked dividends, they will receive a refund of the tax the company has paid on their behalf. By providing for their own retirement, they do not receive a government pension and so are less of a burden on other tax payers. For superannuation earnings to be tax free, retirees must withdraw a minimum amount from their superannuation account (starting at 4% of their account balance. The % increases as they get older). What do they do with this Money? There is little incentive for them to keep saving (they are getting old) so they spend it and keep the economy going or they give it to their kids or grandkids to help them out. Not all baby boomers all “greedy and self interested”. Such a statement is like saying all Generation Z would prefer to be “using their smartphones” rather than looking for a job. Neither statement is true.