If they are holding the dividend constant and the franking...

If they are holding the dividend constant and the franking balance is rising rapidly (as it is) they should issue convertible notes with franking credits attached. That would distribute franking credits (which are worthless on the balance sheet) and reduce the cash interest outflow, so even shareholders not taking up any convertible notes would benefit. It would also give them a loan source independent of the banks. The issue needs to be large enough to be tradeable if it is to be listed, but given the rapid growth in the loan book that seems possible.