In reality interest rates also play a part in this game the politicians play. If they had been say 5% for term deposits or on-line savings then the reliance on dividend imputation would have been far less as deposit rates are generally less risky rather than leaving it to market nuances especially if your in retirement phase.
If interest rates were 5% I most likely wouldn't bother with too many equities in my SMSF as it's assured income without hassles of the admin side of trading/ investing etc. Now the reserve once again threatening a loosening of monetary policy will drive more into equities, and more risk.
