Franking credit refunds PBO estimates in doubt, page-25

Boomer Howard and Costello introduced the refund component and that makes them responsible for it.
It does not matter what anyone else claimed they would do because they didn't actually do it and may never have done it.

As to what revenue removing the refund will generate you are making assumptions about what will happen which may prove right or wrong.
Personally I think most people will be slow to change their investments and some will not change at all, so I think a fair bit of revenue will be generated. You don't and that's OK. We will see what happens.
As for caring about how others invest, why would I as it's none of my business.
I think Labor is making a start on tax reform but a lot more is needed to eliminate all the rorts for the rich which are embedded in the system.
Dave R.