This is very bad news for the worker movement.
The bottom line is that, despite their flaws, the CFMEU management enables construction workers to fight for better working conditions, including those working in roles where people regularly die in workplace incidents, where safety standards are a life and death matter. If they are replaced by a state-supplied dictator against the will of the workers which a union is created to represent, this introduces a conflict of interest somehow even worse than that in any of the accusations. We've seen in history how state-enforced class collaboration screws over workers. When employees are working for huge multinational companies like Lendlease, they need ways to defend themselves from all the corruption that comes with that. The CFMEU in its current state is not ideal, but it's a hell of a lot better than nothing, or one assigned by the government.
This has already had a chilling effect on the other more-militant trade unions, word-of-mouth is that some are asking members not to draw attention to themselves e.g. by flying banners at the recent NSW Labor conference. Giving the government this power to weaken unions at will is a horrible precedence which I sincerely believe will cost lives when it comes to safety regulations, let alone cost of living, preventing financial abuse of immigrant workers, and the inability to support social movement, such as the Green Bans of the BLF (who were deregistered in various states in 1986 and essentially brought into the coverage of what would become the CFMEU).