<SEC-DOCUMENT>0001752724-23-001946.txt : 20230113
<SEC-HEADER>0001752724-23-001946.hdr.sgml : 20230113
<ACCEPTANCE-DATETIME>20230113154951
ACCESSION NUMBER:		0001752724-23-001946
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20221031
FILED AS OF DATE:		20230113
DATE AS OF CHANGE:		20230113
EFFECTIVENESS DATE:		20230113

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04438
		FILM NUMBER:		23528611

	BUSINESS ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		215-405-5700

	MAIL ADDRESS:	
		STREET 1:		1900 MARKET STREET
		STREET 2:		SUITE 200
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ABERDEEN AUSTRALIA EQUITY FUND INC
		DATE OF NAME CHANGE:	20010531

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST AUSTRALIA FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CEN
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            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
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            <principalName>BofA Securities, Inc.</principalName>
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        <principalAggregatePurchase>34251719.16000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>133525547.82923076</mnthlyAvgNetAssets>
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          <description>Common stock</description>
          <securityClassTitle>ABRDN AUSTRALIA EQUITY FUND INC</securityClassTitle>
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            <commonStock commonStockExchange="XASE" commonStockTickerSymbol="IAF"/>
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      <isDividendsInArrears>N</isDividendsInArrears>
      <isSecuritiesModified>N</isSecuritiesModified>
      <managementFee>0.97000000</managementFee>
      <netOperatingExpenses>1.67000000</netOperatingExpenses>
      <marketPricePerShare>4.03000000</marketPricePerShare>
      <netAssetValuePerShare>4.67000000</netAssetValuePerShare>
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    <signature registrantSignedName="ABRDN AUSTRALIA EQUITY FUND, INC." signedDate="2023-01-13" signature="Sharon Ferrari" title="Senior Manager"/>
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<DOCUMENT>
<TYPE>MATERIAL AMENDMENTS
<SEQUENCE>2
<FILENAME>NCEN_811-04438_48818378_1022.htm
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<p style="background:white;margin:0in;"><b><font color=black face="times new roman" lang=EN-US style="font-size:11.0pt;text-autospace:ideograph-numeric ideograph-other;">Item G.1.b.i.&nbsp; material amendments to organizational
documents.</font></b></p>

<p style="background:white;margin:0in;margin-top:.55pt;"><font color=black face="times new roman" lang=EN-US style="font-size:11.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:26.2pt;margin-right:27.2pt;margin-top:4.5pt;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:14.0pt;text-autospace:ideograph-numeric ideograph-other;">ARTICLES OF AMENDMENT</font></b></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:26.2pt;margin-right:27.1pt;margin-top:8.05pt;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-GB style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">for a</font></b></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:26.2pt;margin-right:0in;margin-top:3.1pt;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:14.0pt;text-autospace:ideograph-numeric ideograph-other;">MARYLAND&nbsp;</font></b><b><u><font color=black face=Arial,sans-serif lang=EN-US style="font-size:14.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;</font></u></b><b><u><font color=black face=Arial,sans-serif lang=EN-US style="font-size:14.0pt;letter-spacing:1.65pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></u></b><u><font color=black face=Arial,sans-serif lang=EN-US style="font-size:19.0pt;text-autospace:ideograph-numeric ideograph-other;">STOCK&nbsp;&nbsp;&nbsp;&nbsp;</font></u><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:14.0pt;text-autospace:ideograph-numeric ideograph-other;">CORPORATION</font></b></p>

<p style="background:white;margin:0in;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:7.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>

<p style="background:white;margin:0in;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b></p>

<p align=center style="background:white;margin:0in;text-align:center;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;text-autospace:ideograph-numeric ideograph-other;">(1)</font></b></p>

<p style="background:white;margin:0in;margin-left:.1in;"><b><font color=black face=Arial,sans-serif lang=EN-GB style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">(2)</font></b><b><font color=black face="times new roman" lang=EN-GB style="font-size:18.0pt;text-autospace:ideograph-numeric ideograph-other;"> </font></b><u><font color=black face=Arial,sans-serif lang=EN-US style="font-size:18.5pt;text-autospace:ideograph-numeric ideograph-other;">Aberdeen Australia Equity Fund, Inc.</font></u></p>

<p style="background:white;margin:0in;margin-left:522.75pt;"><b><font color=black face=Arial,sans-serif lang=EN-GB style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">,</font></b></p>

<p style="background:white;margin:0in;margin-left:3.7pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">a
Maryland corporation, certifies to the State Department of Assessments and
Taxation of Maryland that the charter</font><font color=black face="times new roman" lang=EN-US style="font-size:13.5pt;text-autospace:ideograph-numeric ideograph-other;"> </font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">of the corporation shall be and hereby is
amended as follows:</font></p>

<p style="background:white;margin:0in;margin-top:.5pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:5.5pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.1in;margin-right:0in;margin-top:4.7pt;"><b><font color=black face=Arial,sans-serif lang=EN-GB style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">(3)</font></b></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:23.75pt;margin-right:127.3pt;margin-top:3.25pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;text-autospace:ideograph-numeric ideograph-other;">The
name of the entity has been amended to: </font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:23.75pt;margin-right:127.3pt;margin-top:3.25pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;text-autospace:ideograph-numeric ideograph-other;">abrdn
Australia Equity Fund, Inc.</font></p>

<p style="background:white;margin:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p style="background:white;margin:0in;"><font color=black face=Arial,sans-serif lang=EN-GB style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The Articles of Amendment shall
be effective at 12:01 a.m. on June 30, 2022</font></p>

<p style="background:white;margin:0in;"><font color=black face="times new roman" lang=EN-GB style="font-size:13.5pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.65pt;margin-right:0in;margin-top:4.7pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">This amendment of the charter of the
corporation has been approved by</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:8.0pt;margin-right:0in;margin-top:9.15pt;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">(4)</font></b><u><font color=black face=Arial,sans-serif lang=EN-GB style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">a majority of the entire Board
of Directors of the Corporation and is limited to a change expressly</font></u><b><u><font color=black face="times new roman" lang=EN-GB style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;"> </font></u></b><u><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">authorized
by Section 2-605 of the Maryland General Corporation Law to be made without
action by the stockholders</font></u><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">.</font></p>

<p style="background:white;margin:0in;margin-top:.1pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:6.5pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p style="background:white;margin:0in;margin-left:23.45pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:1.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:5.95pt;margin-right:0pt;margin-top:2.8pt;text-align:justify;text-indent:.25in;text-justify:inter-ideograph;"><font color=black face=Arial,sans-serif lang=EN-GB style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">The undersigned acknowledges
that this is an act of the above named corporation, and verifies, under the
penalties for perjury, that the matters and facts stated herein, which require
such verification, are true and accurate, to the best of his/her knowledge,
information, and belief.</font></p>

<p style="background:white;margin:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p style="background:white;margin:0in;margin-top:.55pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p style="background:white;margin:0in;margin-left:6.0pt;"><b><font color=black face=Arial,sans-serif lang=EN-GB style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">(5)</font></b><b><u><font color=black face=Arial,sans-serif lang=EN-GB style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;/s/ Megan
Kennedy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></b><b><font color=black face=Arial,sans-serif lang=EN-GB style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (5)&nbsp;</font></b><b><font color=black face=Arial,sans-serif lang=EN-GB style="font-size:10.0pt;letter-spacing:.15pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></b><b><u><font color=black face=Arial,sans-serif lang=EN-GB style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;/s/ Robert
Hepp&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></b></p>

<p style="background:white;margin:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;text-autospace:ideograph-numeric ideograph-other;">ATTESTED TO BY (signature/title)&nbsp;Megan
Kennedy, Sec. SIGNED BY (signature/title) Robert Hepp, VP</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:24.0pt;margin-right:0in;margin-top:7.65pt;text-indent:-18.05pt;"><b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;text-autospace:ideograph-numeric ideograph-other;">(6)</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.1pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;&nbsp;&nbsp;&nbsp;</font></b><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">Return address of filing</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:.7pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">party:</font></p>

<p style="margin:0in;"><font face="times new roman" lang=EN-GB style="font-size:12.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p style="background:white;margin:0in;margin-top:.05pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;text-autospace:ideograph-numeric ideograph-other;">C/O CSC-LAWYERS
INCORPORATING</font></p>

<p style="background:white;margin:0in;margin-top:.05pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;text-autospace:ideograph-numeric ideograph-other;">SERVICE COMPANY</font></p>

<p style="background:white;margin:0in;margin-left:23.6pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:1.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p style="background:white;margin:0in;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;text-autospace:ideograph-numeric ideograph-other;">&nbsp;</font></p>

<p style="background:white;margin:0in;margin-top:.45pt;"><font color=black face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;text-autospace:ideograph-numeric ideograph-other;">7 SAINT PAUL ST.,
STE 820, BALTIMORE, MD 21202</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>




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<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>3
<FILENAME>NCEN_811-04438_33748874_1022.htm
<TEXT>

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<BODY bgcolor="#ffffff">
<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-left:5.9pt;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-top:.4pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:113.45pt;margin-right:112.4pt;margin-top:4.7pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Report of Independent Registered Public Accounting
Firm</font></b></p>

<p style="margin:0in;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:303.65pt;margin-top:7.85pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">To the
Shareholders and Board of Directors abrdn Australia Equity Fund, Inc.:</font></p>

<p style="margin:0in;margin-top:.3pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:6.25pt;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">In planning and
performing our audit of the financial statements of abrdn Australia Equity
Fund, Inc. (formerly, Aberdeen Australia Equity Fund, Inc.) (the Fund) as of
and for the year ended October 31, 2022, in accordance with the standards of
the Public Company Accounting Oversight Board (United States), we considered
the Fund's internal control over financial reporting, including controls over
safeguarding securities, as a basis for designing our auditing procedures for
the purpose of expressing our opinion on the financial statements and to comply
with the requirements of Form N-CEN, but not for the purpose of expressing an
opinion on the effectiveness of the Fund's internal control over financial
reporting. Accordingly, we express no such opinion.</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:5.85pt;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">Management of the
Fund is responsible for establishing and maintaining effective internal control
over financial reporting. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of controls. A company's internal control over financial
reporting is a process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting
principles. A company's internal control over financial reporting includes
those policies and procedures that (1) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the transactions and</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">dispositions</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">of</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">the</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">assets</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;">
</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">of</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">the</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">company;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">(2)</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">provide</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;">
</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">reasonable</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">assurance</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">that</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">transactions</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">are</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">recorded
as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of
the company are being made only in accordance with authorizations of management
and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition
of the company's assets that could have a material effect on the financial</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.55pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">statements.</font></p>

<p style="margin:0in;margin-top:.2pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:10.7pt;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">Because of its
inherent limitations, internal control over financial reporting may not prevent
or detect misstatements. Also, projections of any evaluation of effectiveness to
future periods are subject to the risk that controls may become inadequate
because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.</font></p>

<p style="margin:0in;margin-top:.35pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:6.8pt;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">A deficiency in
internal control over financial reporting exists when the design or operation
of a control does not allow management or employees, in the normal course of
performing their assigned functions, to prevent or detect misstatements on a
timely basis. A material weakness is a deficiency, or a combination of
deficiencies, in internal control over financial reporting, such that there is
a reasonable possibility that a material misstatement of the company&#8217;s annual
or interim financial statements will not be prevented or detected on a timely
basis.</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:6.6pt;margin-top:0in;text-indent:-.05pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">Our consideration of the Fund's internal control over financial reporting
was for the limited purpose described in the first paragraph and would not
necessarily disclose all deficiencies in internal control that might be
material weaknesses under standards established by the Public Company
Accounting Oversight Board (United States). However, we noted no deficiencies
in the Fund's internal control over financial reporting and its operation,
including controls over safeguarding securities, that we consider to be a material
weakness as defined above as of October 31, 2022.</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

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</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-left:5.9pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-top:.1pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:13.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:12.9pt;margin-top:4.7pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">This report is
intended solely for the information and use of the management and the Board of
Directors of abrdn Australia Equity Fund, Inc. and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone other
than these specified parties.</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:7.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-top:.4pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-top:.4pt;text-indent:5.9pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">/s/ KPMG LLP</font></p>

<p style="margin:0in;margin-top:.4pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:377.55pt;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">Philadelphia,
Pennsylvania</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:377.55pt;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:377.55pt;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">December 29, 2022</font></p>

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<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:1.05pt;margin-right:0in;margin-top:4.7pt;text-align:center;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">2</font></p>




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<DOCUMENT>
<TYPE>ITEM 405 REG S-K
<SEQUENCE>4
<FILENAME>NCEN_811-04438_96684257_1022.htm
<TEXT>

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   <TITLE>faxfcoandiafitemg1biv-delinq.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:11.0pt;line-height:115%;">Item
G.1.b.iv.&#160; Information called for by Item 405 of Regulation S-K:</font></b></p>

<p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Delinquent
Section&nbsp;16(a) Reports</font></b></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Section 16(a) of
the 1934 Act and Section 30(h) of the 1940 Act, as applied to the Fund, require
the Fund's officers and Directors, certain officers and directors of the
investment advisers, affiliates of the investment advisers, and persons who
beneficially own more than 10% of the Fund's outstanding securities
(collectively, the &#8220;Reporting Persons&#8221;) to electronically file reports of
ownership of the Fund's securities and changes in such ownership with the SEC
and the NYSE American.</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">Based solely on
the Fund&#8217;s review of such forms filed on EDGAR or written representations from Reporting
Persons that all reportable transactions were reported, to the knowledge of the
Fund, during the fiscal period ended October 31, 2022, the Fund&#8217;s Reporting
Persons timely filed all reports they were required to file under Section
16(a), except that: (i) Robert Hepp and Andrew Kim each filed a late Form 3
filing following their respective appointments as Vice Presidents of the Fund; (ii)
</font><font face="times new roman" lang=EN-GB style="font-size:10.0pt;line-height:normal;">Ai
Hua Aik filed a late Form 3 filing following her appointment as a director of
the Fund&#8217;s investment manager; </font><font face="times new roman" lang=EN-US style="font-size:10.0pt;line-height:normal;">and (iii) </font><font face="times new roman" lang=EN-GB style="font-size:10.0pt;line-height:normal;">Grant Hotson and Neil Slater each
filed a late Form 3 filing following their respective appointments as directors
of the Fund&#8217;s sub-adviser.</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-GB style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>




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