Not sure that is all correct...eg $100 profit - $30 tax = Net...

Not sure that is all correct...

eg $100 profit - $30 tax = Net Profit $70 dividend ratio 50% = $35 dividends. Thus $35 dividend with F/C $15

$100 profit $28 tax = Net Profit $72 dividend ration 50% = $36 dividends. Thus $36 dividend with F/C $14

Thus company has extra income, shareholders get extra dividend with less franking credit.

As low income earners are refunded F/C they still get $50, so no change.

Foreign investors are better of as they get extra income and F/C is irrelevant.

Higher earners above $35k have $1 extra in income but have $1 in tax to pay, so status quo.