Oh dear foxxy, you seem to have a very simplistic one cap fits all view. Firstly I should point out that not everyone pays tax, or pays less than 30%. For these people a dividend when franked means they get the franking credits refunded from the commonwealth - if the company needs the cash for expansion then they use a DRP (if necessary underwritten).
For trusts like CER they have to pay dividends if they make a profit - wishing they would not do so is equivalent to wishing they run at a loss. If they make a profit and dont declare dividends then they have to pay tax at a high rate (48% ?). The only time this can be avoided is when the dividend is really a cap return and not a share of profit.
CER Price at posting:
25.0¢ Sentiment: Hold Disclosure: Held