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Sydney LETS

 

Sydney LETS (Local Energy Trading System) is a community trading network comprising individuals, businesses and community organisations who trade goods and services using an alternative currency called “Operas” instead of federal dollars.

 

In this system, people start with an account of zero Operas. When they buy, their account is debited and when they sell, their account is credited. There is no interest taken from negative balances and no interest paid on positive balances. There is no financial benefit in hoarding Operas and members are encouraged to aim for a net balance of zero; i.e. they are buying as much as they are selling.

 

There are no physical Operas (coins and notes). All transactions are recorded in an online database and members log into their accounts via the internet. On the Sydney LETS website (www.auslets.org/sydney), members can search the current list of goods and services on offer and post their own offers and wants. Members can also access, and trade with, other local LETS groups across Australia and the world.

 

Sydney LETS has a philosophy that everyone’s time is of equal value and the hourly rate for services is currently set at 25 Operas per hour.

 

Last update: January 2015

 

 
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Properties

Type of initiative Other (specify): Local complementary currency
Field of work Financial services
Date of commencement 2005
Founder(s) Jacqueline Kennedy
Legal form
Continent Australia
Country Australia
City Sydney
One or several keywords that describe your initiative LETS, local currency, complementary currency, local economy, local money
Publications E-mail updates for members, brochures (can be dowloaded from website)
More information
 

Contact person(s)

Sydnedy LETS Administrator

 

Contact information

Name Sydney LETS
Address
Zip/postal code
Place
State/province
Country
Phone
E-mail sydneylets@gmail.com
Website www.auslets.org/sydney

 

 

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