You're right, but comparing dividends to another income stream misses the point.
You need to compare the same dollar earnt. Whether franked or unfranked, there's no net tax benefit if you're marginal rate is above 30%.
Either you pay the tax or the company pays the tax. Franking credits just prevent double taxation of the same income.
This is why retirees like dividends, because there is actually a net tax benefit for them.
You're right, but comparing dividends to another income stream...
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