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Simon Obee from Employment Innovations discusses free downloadable employment contract templates available for Australian businesses. These templates cater to 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 the employee's status (permanent or casual), work hours, entitlement to overtime pay, notice period for termination, and classification under modern awards. Additionally, employers are required to provide written information about award coverage. An employment contract ensures that both parties understand their rights and responsibilities.