You get overtime rates, but you don't get overtime. When I was a contractor I was paid a certain amount per hour. If I worked more hours, I got paid more, but not at a higher rate. If I worked a weekend or a public holiday, I got paid at a higher rate.
As an permanent employee, I have the option for flexible working hours (flextime), but the hours in which I can do that are limited. If I work outside those hours, I get overtime, which is paid at a higher rate. And again, if I work a weekend or a public holiday, I get paid at a higher rate.