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Simon Obee from Employment Innovations discusses free downloadable employment contract templates available for Australian businesses. The templates cover full-time, part-time, and casual employees. He emphasizes the importance of having an employment contract to clarify terms and conditions of employment, such as the employee's status (permanent or casual), work hours, overtime pay, notice periods for termination, and coverage under modern awards. Employers are required to provide written information about award coverage. Establishing these details in an employment contract helps ensure clarity and compliance for both employers and employees.