Rubbish Mongke, there's heaps to be said about IR. I'm glad this thread has become a platform for which to facilitate such discussions, and I encourage anyone with an opinion to state their stance.
Personally, like I clarified in Generator's IR thread in NCAP (wait, was it his thread, or perhaps I just thought so because 99% of posts there are from him.. heh), IR is a mixed bag to me. Simply put, I've minimal issues with the unfair dismissal section of the legislation, but harbour a higher dissapproval stance on the premise of AWAs and it's consequences regarding pay rates (minimum wage and penalties). Many here argue that unfair dismissal overwhelmingly favours that of the employer, and no doubt, I'd agree there. Infact, it's plain obvious that every part of this legislation pretty much favours the employer. However, some parts which favours the employer are justified, and I think that's where the integral point lies. With unfair dismissal, ZabZu mentioned that huge companies are already making record profits, and CEO's are pocketing massive salaries. True, but many of those companies which fit such criteria lie outside of the power this legislation asserts; that is, 100 employees. The deal is, many small businesses don't make 'record' profits, and their owners don't rake in 'ridiculous' salaries. However admittingly, I would advocate an even lower cap than 100; to me that seems even fairer.
To finish off, I'd like to emphasise that although it seems like the people who are pro-IR here are also pro-employer, that may not necessarily be the case. They may simply be advocating a fairer balance, and I guess some parts of IR does address this. Where the balance should lie is obviously subjective, so I encourage everyone to respect that. My arguments above probably make me seem like a IR-butt kisser, but in effect I don't believe I'm biased towards either employees or employers (and logically for my own interests I should even be anti-IR, for these laws may very well put me worse off in my current job eventually), but on an overall level, I believe it IS fairer.