<DOCUMENT>
<TYPE>EX-99.77J REVALUATN
<SEQUENCE>4
<FILENAME>attach77j.txt
<DESCRIPTION>77J
<TEXT>
Exhibit Relating to Item 77(j) of Form N-SAR for
Aberdeen Australia Equity Fund, Inc.
for the six months ended October 31, 2001

Reclassification of Capital Accounts:
The Fund accounts and reports for distributions to shareholders in accordance
with AICPA Statement of Position 93-2: Determination, Disclosure, and
Financial Statement Presentation of Income, Capital Gains, and Return of
Capital Distributions by Investment Companies.  During the year ended
October 31, 2001, the Fund decreased distributions in excess of net investment
income by $4,688,369, decreased accumulated net realized losses on
investments by $4,650,723, decreased accumulated realized and unrealized
foreign exchange losses by $4,967,033 and decreased paid-in capital in excess
of par by $14,306,125. Net investment income, net realized gains and net
assets were not affected by this change.









</TEXT>
</DOCUMENT>
