Sigh,
As you well know Jonnoh, the pbo estimate is based on ancient history.
Super before the 1.6 cap. Doesn't include Labor's other changes to taxation of fund earnings.
And it assumes no change in investor behaviour.
So the franking credits refunds may well go down 5b, but the credits will end up being used elsewhere in the system, with minimal NET improvement in the bottom line.
Such obvious lies just weakens the argument when proper tax reform is attempted
