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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000355348-03-000001.txt : 20030103
<SEC-HEADER>0000355348-03-000001.hdr.sgml : 20030103
<ACCEPTANCE-DATETIME>20030103150719
ACCESSION NUMBER:		0000355348-03-000001
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20021031
FILED AS OF DATE:		20030103
EFFECTIVENESS DATE:		20030103

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ABERDEEN AUSTRALIA EQUITY FUND INC
		CENTRAL INDEX KEY:			0000779336
		IRS NUMBER:				133304681
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04438
		FILM NUMBER:		03502868

	BUSINESS ADDRESS:	
		STREET 1:		100 MUDBERRY STREET
		CITY:			NEW YORK
		STATE:			NJ
		ZIP:			07102-4077
		BUSINESS PHONE:		2122141250

	MAIL ADDRESS:	
		STREET 1:		100 MUDBERRY STREET
		CITY:			NEWARK
		STATE:			NJ
		ZIP:			07102-4077

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST AUSTRALIA FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
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<SEQUENCE>1
<FILENAME>answer.fil
<DESCRIPTION>NSAR
<TEXT>
<PAGE>      PAGE  1
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001 B000000 811-4438
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008 B000001 S
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008 A000002 ABERDEEN ASSET MANAGERS (C.I.) LIMITED
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<PAGE>      PAGE  2
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<PAGE>      PAGE  3
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022 B000005 13-3077027
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<PAGE>      PAGE  10
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SIGNATURE   JACK R. BENINTENDE
TITLE       ASSISTANT TREASURER


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q2 ITEM 405
<SEQUENCE>2
<FILENAME>pfocert.txt
<DESCRIPTION>PFO
<TEXT>
CERTIFICATION
I, Christian Pittard, certify that:
1.	I have reviewed this report on Form N-SAR of
Aberdeen Australia Equity Fund, Inc.;
2.	Based on my knowledge, this report does not
contain any untrue statement of a material fact or
omit to state
a material fact necessary to make the statements made,
in light of the circumstances under which such
statements
were made, not misleading with respect to the period
covered by this report;
3.	Based on my knowledge, the financial information
included in this report, and the financial statements
on
which the financial information is based, fairly
present in all material respects the financial
condition, results of
operations, changes in net assets, and cash flows (if
the financial statements are required to include a
statement of
cash flows) of the registrant as of, and for, the
periods presented in this report;
4.	The registrants other certifying officers and I
are responsible for establishing and maintaining
disclosure
controls and procedures (as defined in rule 30a-2(c)
under the Investment Company Act) for the registrant
and have:
a)	designed such disclosure controls and procedures
to ensure that material information relating to
the registrant, including its consolidated
subsidiaries, is made known to us by others within
those entities,
particularly during the period in which this report is
being prepared;
b)	evaluated the effectiveness of the registrants
disclosure controls and procedures as of a date
within 90 days prior to the filing date of this report
(the Evaluation Date); and
c)	presented in this report our conclusions about
the effectiveness of the disclosure controls and
procedures based on our evaluation as of the
Evaluation Date;
5.	The registrants other certifying officers and I
have disclosed, based on our most recent evaluation,
to the
registrants auditors and the audit committee of the
registrants Board of Directors (or persons performing
the
equivalent functions):
a)	all significant deficiencies in the design or
operation of internal controls which could adversely
affect the registrants ability to record, process,
summarize, and report financial data and have
identified for
the registrants auditors any material weaknesses in
internal controls; and
b)	any fraud, whether or not material, that
involves management or other employees who have a
significant role in the registrants internal controls;
and
6.	The registrants other certifying officers and I
have indicated in this report whether or not there
were
significant changes in internal controls or in other
factors that could significantly affect internal
controls subsequent
to the date of our most recent evaluation, including
any corrective actions with regard to significant
deficiencies and
material weaknesses.


Date:

Christian Pittard
Treasurer


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.J OTHER OPININ
<SEQUENCE>3
<FILENAME>ausequityaudit.txt
<DESCRIPTION>AUDIT LETTER
<TEXT>

Report of Independent Accountants

To the Board of Directors and Shareholders of
Aberdeen Australia Equity Fund, Inc.


In planning and performing our audit of the financial
statements of Aberdeen Australia Equity
Fund, Inc. (the Fund) for the year ended October 31,
2002, we considered its internal control,
including control activities for safeguarding
securities, in order to determine our auditing
procedures for the purpose of expressing our opinion
on the financial statements and to comply
with the requirements of Form N-SAR, not to provide
assurance on internal control.

The management of the Fund is responsible for
establishing and maintaining internal control.  In
fulfilling this responsibility, estimates and
judgments by management are required to assess the
expected benefits and related costs of controls.
Generally, controls that are relevant to an audit
pertain to the entitys objective of preparing
financial statements for external purposes that are
fairly presented in conformity with generally accepted
accounting principles.  Those controls
include the safeguarding of assets against
unauthorized acquisition, use or disposition.

Because of inherent limitations in internal control,
errors or fraud may occur and not be detected.
Also, projection of any evaluation of internal control
to future periods is subject to the risk that
controls may become inadequate because of changes in
conditions or that the effectiveness of
their design and operation may deteriorate.

Our consideration of internal control would not
necessarily disclose all matters in internal control
that might be material weaknesses under standards
established by the American Institute of
Certified Public Accountants.  A material weakness is
a condition in which the design or
operation of one or more of the internal control
components does not reduce to a relatively low
level the risk that misstatements caused by error or
fraud in amounts that would be material in
relation to the financial statements being audited may
occur and not be detected within a timely
period by employees in the normal course of performing
their assigned functions.  However, we
noted no matters involving internal control and its
operation, including controls for safeguarding
securities, that we consider to be material weaknesses
as defined above as of October 31, 2002.

This report is intended solely for the information and
use of the Board of Directors, management
and the Securities and Exchange Commission and is not
intended to be and should not be used by
anyone other than these specified parties.


PricewaterhouseCoopers LLP
New York, New York
December 16, 2002
2

2


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q2 ITEM 405
<SEQUENCE>5
<FILENAME>peocert.txt
<DESCRIPTION>PEO
<TEXT>
CERTIFICATION
I, Hugh Young, certify that:
1.	I have reviewed this report on Form N-SAR of
Aberdeen Australia Equity Fund, Inc.;
2.	Based on my knowledge, this report does not
contain any untrue statement of a material fact or
omit to state
a material fact necessary to make the statements made,
in light of the circumstances under which such
statements
were made, not misleading with respect to the period
covered by this report;
3.	Based on my knowledge, the financial information
included in this report, and the financial statements
on
which the financial information is based, fairly
present in all material respects the financial
condition, results of
operations, changes in net assets, and cash flows (if
the financial statements are required to include a
statement of
cash flows) of the registrant as of, and for, the
periods presented in this report;
4.	The registrants other certifying officers and I
are responsible for establishing and maintaining
disclosure
controls and procedures (as defined in rule 30a-2(c)
under the Investment Company Act) for the registrant
and have:
a)	designed such disclosure controls and procedures
to ensure that material information relating to
the registrant, including its consolidated
subsidiaries, is made known to us by others within
those entities,
particularly during the period in which this report is
being prepared;
b)	evaluated the effectiveness of the registrants
disclosure controls and procedures as of a date
within 90 days prior to the filing date of this report
(the Evaluation Date); and
c)	presented in this report our conclusions about
the effectiveness of the disclosure controls and
procedures based on our evaluation as of the
Evaluation Date;
5.	The registrants other certifying officers and I
have disclosed, based on our most recent evaluation,
to the
registrants auditors and the audit committee of the
registrants Board of Directors (or persons performing
the
equivalent functions):
a)	all significant deficiencies in the design or
operation of internal controls which could adversely
affect the registrants ability to record, process,
summarize, and report financial data and have
identified for
the registrants auditors any material weaknesses in
internal controls; and
b)	any fraud, whether or not material, that
involves management or other employees who have a
significant role in the registrants internal controls;
and
6.	The registrants other certifying officers and I
have indicated in this report whether or not there
were
significant changes in internal controls or in other
factors that could significantly affect internal
controls subsequent
to the date of our most recent evaluation, including
any corrective actions with regard to significant
deficiencies and
material weaknesses.


Date:

Hugh Young
President



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77J REVALUATN
<SEQUENCE>7
<FILENAME>ausieequity77j.txt
<DESCRIPTION>77J
<TEXT>
Exhibit Relating to Item 77(j) of Form N-SAR for
Aberdeen Australia Equity Fund, Inc.
for the year ended October 31, 2002

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.  For the year ended October 31, 2002, the
Fund decreased undistributed net investment income by
$99,098, decreased accumulated net realized gain
on investments by $93,018, decreased accumulated
realized and unrealized foreign exchange losses by
$157,374 and increased paid-in capital in excess of
par by $34,742.  Net investment income, net realized
gains and net assets were not affected by this change.









</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
