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Simon Obee from Employment Innovations discusses free downloadable employment contract templates available for Australian businesses. These templates cover full-time, part-time, and casual employees. Employment contracts are essential as they clarify the terms and conditions of employment, including the employee's status (permanent or casual), start and finish times, entitlement to additional pay for extended hours, notice periods for termination, and classification under modern awards. Employers are obligated to provide written information about award coverage. Without a contract, these important details may be unclear, leading to potential disputes.