That makes a lot of sense. Keep profits in country to keep tax...

That makes a lot of sense. Keep profits in country to keep tax near zero and maximise the amount available for reinvestment. High growth over dividends will give shareholders much greater returns during that high growth phase. When all projects are up and running, the profits would be so high compared to our initial investment that we won't be concerned about tax on dividends by then.
I'm no accountant but if the company pays a tax on profits in Australia, then we would pick up the franking credits anyway which would offset our own tax payable.
Jumping the gun a bit though. Let's get that growth first.