 For example, in Australia, Peter Baldwin, a former Minister of Social Security in the Keating government, encouraged LETS as a way of letting welfare recipients borrow against their welfare entitlement for urgent personal needs or to establish themselves in business.Since their commencement over 30 years ago, LETS have been highly innovative in adapting to the needs of their local communities in all kinds of ways.For example, in Australia, people have built houses using LETS in place of a bank mortgage, freeing the owner from onerous interest payments.