2nd Half Dividend, page-8

Even in its proposed form, they weren't going to get rid of franking credits - they wanted to remove the cash refund if your credit amount exceeded your tax payable (unless you were on or eligible for the age pension). So for the vast majority of investors, there would have been zero impact.

The royal commission reponse was a bit overdone; worst case was they would have required more independence between the different businesses (a la the IOOF outcome) they were never going to force companies like FID to break up.