This review of industrial relations reform in Australia will highlight the changes and challenges since the introduction of the Rudd Labor government's Forward with fairness agenda. In particular, it examines the major issues and areas of change under the new Fair Work Act 2009 and highlights the challenges and opportunities that these might present in the near future given the current economic climate. This review attempts to examine these major themes in industrial relations reform through a 'business lens' - an employer perspective. However, it will also assess the potential impact of the Act within an economic, political and industrial relations context. The reforms are likely to create an environment for greater fairness at workplace level by an increased focus on collective bargaining. However, whether the Act will encourage enterprise bargaining remains and provide a platform for achieving greater productivity and fairness is to be seen.