Ann: Woodside Enters FEED for Pluto Train 2 Project, page-10

I think you have misunderstood Labour's proposed franking credits polilcy Zog:

"The amount of the dividend, plus franking credits, is added to your taxable income. Under the Labor proposal the franking credits could still be used to reduce your tax payable, but if no tax is payable excess franking credits will not be able to be refunded to you."

The franking credits will still have value to a lot of people.