Close your eyes and think of the future: a future where your retirement income may be reduced because of the super fund you belong to. Some super funds will use the benefit of all franking credits on share investments, while other funds will get no benefit, although they should have received a refund of any excess tax paid.
How inequitable is that?
One of the underlying principles of our taxation system is horizontal and vertical equity. Sadly, it seems to go out the window when it suits those who have the power or those wishing to ascend to the throne. Vertical equity is where the higher your income, and presumably wealth, the more you will contribute to the broader tax system. Horizontal equity is where those on the same or similar incomes and wealth contribute about the same to the system.