That is correct, but the current government cancelled many of...

That is correct, but the current government cancelled many of the part pensions by tightening the assets test. This means that the Labor policy will create a new poverty trap where a person or couple will have too many assets to get a pension and therefore will not qualify to claim franking credits. In this situation, the assets are insufficient to earn as much as the age pension. This is Labor thinking they are hitting the rich. A pensioner will be better off, so that’s why people will spend their assets to qualify for a pension and be a burden on the country but will be able to claim franking credits. Go figure.