Retiree Stuart Smith says he feels like he's about to be robbed by highwaymen. Under Labor's proposed franking credit changes, he and wife Ruth will kiss goodbye to $18,000 a year in franking credit refunds.

That's just over a third of their combined annual income of $58,000. "We feel as though we've run into Ned Kelly on the road. His gun is pointed at us, we're being held up and it looks as if we're going to get robbed."