In Melbourne, Errol Wallace, [Anthony Hopkins], is a financial business consultant hired by the board of Durmack, an automotive components manufacturer, to assess a large-scale workforce redundancy and he recommends major layoffs.
Balls, a moccasin factory located in the Melbourne suburb of Spotswood, is his next client. Mr. Ball, [Alwyn Kurts], the owner, is affable and treats his employees benevolently. Wallace on a factory tour finds the conditions wanting with shabbiness, old machinery and the workers’ lackadaisical attitude.
A young worker at Balls, Carey, [Ben Mendelsohn], who is finding his place in the world and life, is asked by Wallace to assist in his review, compiling worker condition and performance information. Carey is reluctant until he learns that Mr. Ball's daughter Cheryl, [Rebecca Rigg], whom he fancies, is part of the review staff.
Wallace learns that there is an instigator in the midst, his colleague Jerry, [John Walton], who leaks the Durmack report, inflating the quantity of sackings as a means to demoralise the union.
Kim Barry, [Russell Crowe], a salesman at Balls who also has his sights set on the boss's daughter, shows his ruthlessness and ulterior motives when he comes to Wallace's home one night with a complete set of the company financial records that detail non-existent profit for years and reveal that Ball has been selling off company assets to keep the outfit afloat.
Wallace realises that whatever productivity improvements have been implemented are not enough to save the company even with an elimination of workers and yet that is his recommendation. Mr. Ball responds, > "It's not just about dollars and cents. It's about dignity, treating people with respect."
Wallace's mindset starts to change when his car is vandalised and some Ball workers come to his aid, workers who then start to include him in their off-hours activities. Mr. Ball announces the work force redundancies and Wallace is clearly uncomfortable seeing them, knowing that it was his recommendation that sealed their fate.
The union at Durmack capitulates and management celebrates with a party during which Wallace becomes further disenchanted by what he sees as the rash sackings. He then realises that Balls may have a competitive advantage that could potentially make the company profitable. If Balls stop trying to compete on price on a few products, but instead have a very large product range, then all the perceived inefficiencies (old machinery and a large number of highly skilled experienced workers), become opportunities for growth.
Carey realises he has feelings for his work mate and friend Wendy, [Toni Collette], and together they climb up onto the roof of the factory and hold hands. In the final shot, they look out over the West Gate Bridge, which opened in 1978 — an ending which deliberately leaves it ambiguous as to when the film is actually set.
