When the franking credits system is abandoned Labor don't realise that they will inherit more welfare applicants who have relied on franking credits to fund their retirement.
.Anyone that receives $70-$80k needed to fund their retirement will not get that in franking credits unless they have a few million dollars of shares in stocks that pay high dividends. Then they would fail the asset/income test. You can receive $7,800 a year without it reducing the pension by a single cent.