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Simon Obee from Employment Innovations discusses free downloadable employment contract templates for Australian businesses. Templates are available for full-time, part-time, and casual employees. Having an employment contract is crucial as it clarifies the terms and conditions of employment, such as employee status (permanent or casual), work hours, overtime pay, notice periods for termination, and award coverage. Employers must provide written information about award coverage. Establishing these details in a contract ensures certainty for both employers and employees.