An interesting opinion from Keating, but I fail to see how it would have worked. The section of the Fair Work Act that the Minister used for an application to terminate industrial action could have been used by the Minister, the unions involved, or the employer. Qantas could have made the same application as the minister, using the same section of the Act, and had the same outcome.
I would have thought the political ramifications of the government not acting would have been bad. I believe the shutdown (not he lockout) was a political move to force the governments hand to act. If it did not act, or acted in a manner that showed flaws in the act would have been destabilising to the government. This would have assisted the coalition parties who I believe were in cahoots with Qantas.
I suspect Keating has more political insight than I do however...