I have yet to see an acceptable definition of hate speech.The point of the legislation is to provide clarity on what constitutes "hate speech" rather than leaving the decision to individuals, politicians, or media.
In most cases truth or factual accuracy of the statement is not a defense, that is very problematic.
For example one could argue that it is hate speech to say 'I am concerned that pedophiles are more likely to engage in sex crimes against children.'
I think it is a legitimate point of discussion.
What about the fact that some medical issues present differently based on race and gender? Is it hate speech to acknowledge that?