Hey Gazza, If you were a pensioner or otherwise paying no tax...

Hey Gazza, If you were a pensioner or otherwise paying no tax the current dividend of 94 cents partially franked at 56% would give the return of $1.1657 per share totally tax free. if you are working and have a marginal rate of 19 cents in the dollar then the tax on $1.1657 would be around 22cents, however because the franking credit on 94 cents at 56% is 22.56 cents this would be used to offset the 22cent tax on the $1.1657, leaving around half a cent per share to be offset against other tax or returned to you , your overall return would now be $.9457 per share.
if your marginal rate is 30cents in the dollar then the tax payable per share would be around 35 cents, the 22.56 cent franking credit would then be used to offset most of this tax leaving a tax component of 12.44 cents to pay, leaving a return of $.8157 per share.

if as you say the the dividend had been $.816 fully franked then if you were in the no tax bracket then you would receive $1.1557 per share compared to $1.1657 for the current dividend.
If your marginal tax rate was 19cents in the dollar then your overall return would be $.9357 per share compare to the current $.9457 per share, and if your marginal rate was 30 cents in the dollar then you return after tax and franking credits would be $.8097 compared to $.814 for the current dividend.

Most shareholders have simply looked at the franking credit rate expecting 100% ignoring the extra value of the dividend paid and over reacting and selling off the shares in disgust, in fact they are no worse off then last divi if not marginally in front.