Franking credit refunds PBO estimates in doubt, page-22

Unfortunately you don't seem to know the policy basis for the treatment of company tax and franking credits.
This is from another thread but sums it up correctly.

"The Australian imputation system has operated since 1 July 1987. It is a partial integration of company tax and personal tax. In a fully integrated company tax system, all income at the corporate level is attributed to the shareholder, regardless of whether or not it is distributed, and taxed at the marginal income rates applying to each shareholder. Australia operates a lesser or partial version of this: only distributed profits in the form of dividends are attributed to shareholders. Company tax paid on these dividends is attributed to the shareholder as a withholding of personal tax due."

So you see we have paid tax on it already and at the end of a financial year the A.T.O. will adjust the amount withheld against my tax rate. If I have paid to much withholding tax they refund it - if I have not paid enough they send me a tax bill. Simple really.

Further, many posters (such as boomeronrations) have patiently tried to explain the folly of this policy but you just don't seem to get it.
If I and other retirees can restructure my investments such that I generate no franking credits, then all that this policy would have achieved is to introduce discrimination against self funded retirees who will not be robbed of $5 billion and therefore raise no real revenue. It will also stimulate anomlies in retiree behaviour encouraging everyone who can, to get on a part pension at least. That will increase government costs and not generate the supposed windfall you believe to be there.

Labour however will spend the expected proceeds from this theft by borrowing money now to throw at the populace at election time whilst defending their leadership to throw 6% of the population under a bus. I can see why this might appeal to you however do you have a limit on the carnage? What about 10% - would that make you think twice? (If you belong to a minority of less than 6% watch out, here comes the bus)!!

Then in the future we and our children will have to pay back the debt for money they never collected. How stupid is that??
Labour has done this in the past and will do it again. I've seen it before and I'm about to see it again alas!