Hi Mircat,
Because the opportunity cost of "loaning the government " the FC is less than the difference .
Grossed up franked dividend 10c equals 7c plus 3c , minus 2.5 % of the 3c [ .075c] .
Despite the wait for your 3c , you are still significantly better off .
Or to put it another way , someone says you can have 9c now , or 7c now, and an additional 3c in 6 months.
cheers
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