Because the large population of baby boomers hold dividend paying stocks like CBA, for retirement income purposes. They get the dividend and also the tax franking credits of up to 30% (company tax rate is 30%) refunded at tax time. The majority of retired Australians are passive investors who like the security of income without the work involved in actively managing a share portfolio.
For instance, I have my own self managed superfund. At age 60, I can put up to $1.7 Million from the superfund into pension income stream phase and pay no tax on any capital gains from share sales or dividends. As an example, if I received a $100 000 dividend that was fully franked, at tax return time, I would be refunded another $30 000, which is the company tax paid on profits. Not a bad return for being a lazy investor.
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