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I did know that Graham McGarry built Kalgoorlie's first retirement home, he spoke about it on this podcast:

http://facecontracting.com.au/graham-mcgarry/

It wouldn't matter to me which political party went after franking credits, it doesn't change the fact that double taxing people on the same source of income is immoral.

It wouldn't matter to me how much the refund cost, that money does not belong to the government, it is revenue raised from double taxation and should rightfully be returned to its owners.

A lot of retirees have already planned for their retirement on the assumption that a lot of the companies they hold will maintain their fully franked dividend and that they will receive the franked portion of the dividend. Does that plan have flaws? Potentially yes, look at Telstra for example, my point was that this is an age demographic that is already experiencing the highest rate of poverty in Australia, removing franking credits would have put pressures on other areas of the Federal Budget to compensate for this.