Franking Credits, page-51

"Of course it's a subsidy, the government pays you money to make a loss making investment."

Are you sure the govt pays you money?

As your property is income producing, you offset your expenses against the income...
Due to expenses exceeding income you receive a refund due to taxes you have already accumulated.

Most negatively geared properties still see the owners paying money from their pocket.

The only extraordinary deduction is the depreciation of the asset.