This act does nothing to acheive its stated objectives, indeed it does the oposite. It explicitly allows discrimination against the ethnic majority, against males and against heterosexuals. It promotes so called "positive" discrimination on all sorts of grounds, so of which are merely choices made by individuals (eg sexuality, religion).
Far from promoting equality, it actually creates situations where the law is bound to treat people with differences in different ways.
Why does this idea matter?
This act promotes and institutionalises intolerance and discrimination. It creates a great many new offences which most of us do not understand, and may easily commit unwittingly.
If we are ever to have a "colour blind" society in which there is no discrimination on any ground, and in which everybody is treated equally under the law this act has to go.