Yes that's right.Franking credits on dividends was actually a Keating policy. However, Howard and Costello made a crucial change to the policy in 2001 to provide that if you had more credits than tax owed to the Commonwealth, you'd get a cash refund. That's hamstrung the budget ever since, and Shorten's policy in the 2019 election was to cancel the cash refunds. Albanese didn't take a similar policy to the 2022 election.
Franking credits was about people not being taxed twice.
The cash refund is rort.
If I was Labor, I would be touching the issue early in their second term. Use the savings to increase pensions. It will only affect a very small percentage and majority of pensioners will be better off.