No, you are not correct :)Franking credits give YOU a credit in...

No, you are not correct
Franking credits give YOU a credit in your tax return for the tax that the company paying the dividend paid to the ATO.

In your tax return, they work out the tax you pay on your income, including the gross value of the dividend.
The tax payable is reduced by any franking credits that you have received.
This reduces the tax you will pay and you may even get a refund for the tax paid by the company who paid you the dividend, depending on your income.
On higher incomes it may see that you get less of a benefit, but you still get a benefit.
Very simplistic answer but I hope you get the idea.