Concerns have been raised that the changes to the Fair Work Commission and greater access to flexible work arrangements for employees will increase strikes.
The government is also working to introduce multi-employer bargaining.
Treasurer Jim Chalmers says the government wants to see more agreement and higher wage growth.
"I don't think anyone could say that the enterprise bargaining system that we've had is delivering the kind of outcomes we want," he told a Sydney business forum on Tuesday.
"I genuinely believe that the way that this has been designed is not about more conflict. It's about more agreement."
Dr Chalmers said the commission would ensure fewer strikes by playing a greater role in mediating disputes between employees and employers.
"I see that as a hedge against what businesses have raised as a concern about more industrial action," he said.
The treasurer said the government had struck the right balance with the legislation.
"The way this is designed (is) to take into consideration some, not all, of the concerns that businesses have raised with us in good faith," he said.
Australian Chamber of Commerce and Industry chief executive Andrew McKellar said the group was concerned multi-employer bargaining could bind small businesses into agreements they can't afford.
"While there are exemptions for very small businesses, we don't think that goes far enough," he told Sky News.
Mr McKellar echoed criticisms by key independent crossbenchers about the government trying to rush through the legislation before Christmas.
Workplace Relations Minister Tony Burke has already flagged amendments to the bill he introduced last week.
"There needs to be an open and transparent inquiry," Mr McKellar said.
"There are real uncertainties here for business and we need to get those answers."
The resource industry's peak body has vowed to campaign against multi-employer bargaining unless the sector is carved out.
ACTU secretary Sally McManus has attacked bigger businesses for standing up against the government's reforms, saying mining and gas giants want to keep wages low.
"We need to stand up to them," she wrote on Twitter on Tuesday.
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