Labor rules out franking credit changes

Shadow treasurer Chris Bowen has ruled out making changes to Labor's controversial franking credits tax policy ahead of the upcoming election.

Labor has ruled out making any changes to its contentious franking credits tax policy.

Shadow treasurer Chris Bowen is persevering with plans to scrap the multi-billion dollar cash refund scheme, which is utilised by self-funded retirees.

Asked by reporters in Canberra on Wednesday if he was considering changing the policy ahead of the upcoming election, Mr Bowen replied: "No."