The franking credits stuff is insignificant in importance compared to the environment. I posted it up as an example of how the pollies can take advantage of ill-informed voters to get their vote. eg. franking credits = govt. handout to the rich.
I've lived through the same bullshit with the GST. "It'll make the rich pay their fair share of tax" they said. Could not have been more untrue. If you're poor, you spend all of your money, so a consumption tax results in you being taxed on every cent you have/spend. For the rich, you don't consume all of your money so its not all subject to a "consumption" tax. What actually happens though, is the properly wealthly buy lots of stuff through their companies and they get the GST back as an input tax credit so they pay no tax. For example, guy I knew was going to buy a helicopter before GST introduced. Would have paid 20% sales tax on it which could not be claimed back. After GST introduced, paid no sales tax but paid 10% GST which his company got back as an input tax credit. Saved around $6m if I remember correctly. He thought the GST was the best thing since sliced bread.
Introduction of the GST has been good for me too. I knew I would be better off, but I still didn't vote for it. I put ME last in that election because the last thing I want to see is the have-nots turn into have-lesses.