In March 2018 the Australian Labor Party (in Opposition) released a tax policy to end cash refunds for excess imputation, to take effect from 1 July 2019 (after the 2019 Federal Election).
The Treasurer, the Hon Josh Frydenberg, MP, asked the House of Representatives Standing Committee on Economics to inquire into and report on the implications of removing refundable franking credits and, in particular, the stress and complexity it will cause for Australians, including older Australians, to adjust their investments. For full details, see the Terms of Reference.
The committee's report (at 1.12) notes that:
'Standing order 215(b) provides for a committee to inquire into and report on a matter referred to it by a Minister. These inquiries can be wide ranging policy inquiries and are not primarily about scrutinising the executive although it is usual for relevant government agencies to appear and be scrutinised over current administration and legislation.'