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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. He emphasizes the importance of having an employment contract to clarify the terms and conditions of employment, such as employee classification, start and finish times, overtime pay eligibility, notice periods for termination, and coverage under modern awards. Employers are legally required to provide this information in writing, underscoring the necessity of formal contracts to prevent misunderstandings regarding employment terms.