The architect of the campaign against Labor's franking credit policy says the government should now consider capping the $5 billion-a-year tax refund, paving the way for a major policy reset to pay for Australia's economic response to the coronavirus crisis.

Geoff Wilson, whose company Wilson Asset Management has more than $3 billion in funds under management, said "someone has to pay back" the nearly $200 billion in stimulus spent by the government and "everything must be on the table".

Mr Wilson said capping the amount retirees could receive in refunds or reducing further the $1.6 million superannuation transfer balance cap introduced in 2016 would make the franking credit system "more equitable" and "really remove people getting significant benefit" from taxpayers.

Wilson Asset Management chairman Geoff Wilson protesting against the franking credit changes in 2018. Credit:Dominic Lorrimer

"Some structure that eliminates that is probably in everybody's best interest," he said.