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On Thursday, 7th March 2019, about $5.9 billion of dividends are being paid out. This will cause the XJO Index to fall 20.6 points. Dividend pay day is dominated by the big miners, BHP and RIO, with RIO paying a special dividend of $3.38 per share.

Interestingly, the franking credits attached to these dividends are $2.45 billion. Franking credits paid for the entire year approximate about $20 billion.

An investment in a Top 200 Index fund pay about 1.75% in franking credits. Tax-free Pension plans and superannuation funds paying a 15% tax rate are certainly looking at losing a good proportion of their income if the Labor party restricts excess franking credit rebates.