Spent about 5 minutes at Haymarket just observing how cyclists tackle the Morrison St to Haymarket Terrace section.
On a sample of about 15, there were two main techniques; 1) follow the new painted cycle lane including the very sharp left hand kink just before crossing the tracks, and 2) from about mid way along the painted cycle lane, cross the tracks at a much more acute angle. There was one outlier who went into the station jug-handle and, ignoring the red light, proceeded safely onto Haymarket Terrace.
I felt that following the paint was the safest approach, whereas those crossing at an acute angle gave me the heebie jeebies as it looked so close to getting the wheel caught in the tracks. Following the paint was inevitably slower. I also saw that when a west-bound tram was passing, there was absolutely no room for anything in the cycle lane.
My own approach, on narrow tyres, was a kind of compromise between 1 and 2. Follow the paint to the jug-handle exit and then make a slight left before turning right to cross at about 45°.
Basically though, it's crap design, and didn't have to be like this.