The empirical evidence from the current regime is that where a game is refused classification, the publisher will almost always make the necessary alterations (toning down certain amounts of gore etc) in order to achieve an MA15+ rating. The current system has thus been reasonably effective -- ensuring that games are made suitable for a 15+ audience, and given that anyone in the 15-18 category is unlikely to be prevented from accessing a title simply by its having a higher rating that is a defensible approach (by which I mean "there is an argument for it" not "it is the correct approach").
True, in most cases the publisher has altered their game to get the MA15+ rating - but not in all cases.
Additionally, games that have been rated higher in other countries have been rated MA15+ in Australia because we have no higher rating. This I don't personally mind, but it suggests our rating system is flawed.
But I find the biggest hypocricy is in its present state, our ratings system for games doesn't even pass the first guiding principle of the Australian Classification Code;
"adults should be able to read, hear and see what they want"
Gamers for Croyden are a new political party just set up and hopefully they'll get a few votes in Michael Atkinson's seat. They may not change his mind, but hopefully they can spread the word