<SEC-DOCUMENT>0001410368-26-001027.txt : 20260114
<SEC-HEADER>0001410368-26-001027.hdr.sgml : 20260114
<ACCEPTANCE-DATETIME>20260114125745
ACCESSION NUMBER:		0001410368-26-001027
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20251031
FILED AS OF DATE:		20260114
DATE AS OF CHANGE:		20260114
EFFECTIVENESS DATE:		20260114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ABRDN AUSTRALIA EQUITY FUND, INC.
		CENTRAL INDEX KEY:			0000779336
		ORGANIZATION NAME:           	
		EIN:				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:		26532434

	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>
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<p align=center style="margin-bottom:4.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Aptos Display,sans-serif" lang=EN-US style="font-size:11.0pt;font-style:normal;letter-spacing:-.5pt;">Report of Independent Registered
Public Accounting Firm</font></b></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">To the Shareholders and Board of
Directors<br>
abrdn Australia Equity Fund, Inc.:</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">In planning and performing our audit
of the financial statements of abrdn Australia Equity Fund, Inc. (the Fund) as
of and for the year ended October 31, 2025, in accordance with the standards of
the Public Company Accounting Oversight Board (United States) (PCAOB), 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-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">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 U.S. 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 dispositions of the
assets of the company; (2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in
accordance with U.S. 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 statements.</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">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-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">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-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">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 PCAOB. 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, 2025.</font></p>


</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-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">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>

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<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Columbus,
Ohio<br>
December 26, 2025</font></p>

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<TYPE>ITEM 405 REG S-K
<SEQUENCE>3
<FILENAME>NCEN_811-04438_74778156_1025.htm
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<p style="background:white;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Item G.1.b.iv.&nbsp; Information called for by Item 405 of
Regulation S-K:</font></b></p>

<p style="background:white;margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Delinquent
Section&nbsp;16(a) Reports</font></b></p>

<p style="background:white;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">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 any
investment adviser of the Fund, and persons who beneficially own more than 10%
of the Funds' outstanding securities (collectively, the &quot;Reporting
Persons&quot;) 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-left:0in;margin-right:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">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 year ended October 31, 2025, the Fund&#8217;s Reporting Persons
timely filed all reports they were required to file under Section 16(a), except
that </font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">a late Form 3 filing was submitted
for Alvin Siow Jiping following his appointment as a director for the Fund&#8217;s
Investment Manager.</font></p>




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<DOCUMENT>
<TYPE>MATERIAL AMENDMENTS
<SEQUENCE>4
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<p style="margin:0in;"><b><font face="times new roman" lang=EN-US style="font-size:11.0pt;">Item G.1.b.i.&#160; material amendments to
organizational documents.</font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font color=black face="times new roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;text-transform:uppercase;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><u><font color=black face="times new roman" lang=EN-US style="font-size:10.0pt;text-transform:uppercase;">ABRDN AUSTRALIA EQUITY FUND, iNC.</font></u></b></p>

<p align=center style="margin:0in;margin-bottom:8.0pt;text-align:center;"><b><font color=black face="times new roman" lang=EN-US style="font-size:10.0pt;">ARTICLES
OF AMENDMENT</font></b></p>

<p style="margin:0in;margin-bottom:8.0pt;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">ABRDN AUSTRALIA EQUITY FUND, INC., a
Maryland corporation (the &#8220;Corporation&#8221;), certifies that:</font></p>

<p style="margin:0in;margin-bottom:8.0pt;text-indent:1.0in;"><u><font color=black face="times new roman" lang=EN-US style="font-size:10.0pt;">FIRST</font></u><font face="times new roman" lang=EN-US style="font-size:10.0pt;">: The charter (the
&#8220;Charter&#8221;) of the Corporation is hereby amended to provide that, upon the
Effective Time (as defined below), every three shares of common stock, $0.01
par value per share, of the Corporation which are issued and outstanding
immediately prior to the Effective Time shall be changed into one issued and
outstanding share of common stock, $0.03 par value per share, of the
Corporation.</font></p>

<p style="margin:0in;margin-bottom:8.0pt;text-indent:1.0in;"><u><font color=black face="times new roman" lang=EN-US style="font-size:10.0pt;">SECOND</font></u><font face="times new roman" lang=EN-US style="font-size:10.0pt;">: The amendment to
the Charter as set forth in Article FIRST herein has been duly approved by at
least a majority of the entire board of directors of the Corporation as
required by law. The amendment set forth herein is limited to a change
authorized to be made without action by the stockholders of the Corporation,
pursuant to Section 2-309(e)(2) of the Maryland General Corporation Law (the
&#8220;MGCL&#8221;).</font></p>

<p style="margin:0in;margin-bottom:8.0pt;text-indent:1.0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">THIRD:&#160; The
charter of the Corporation is hereby amended, effective immediately after the
Effective Time (as defined below), to decrease the par value of the shares of common
stock of the Corporation issued and outstanding immediately after the Effective
Time to $0.01 per share.&#160; </font></p>

<p style="margin:0in;margin-bottom:8.0pt;text-indent:1.0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">FOURTH:&#160; The
amendment to the charter of the Corporation as set forth in Article THIRD herein
has been duly approved by a majority of the entire Board of Directors of the
Corporation as required by law.&#160; The amendment set forth in Article THIRD herein
is limited to a change expressly authorized by Section 2-605(a)(2) of the MGCL
to be made without action by the stockholders of the Corporation.</font></p>

<p style="margin:0in;margin-bottom:8.0pt;text-indent:1.0in;"><u><font color=black face="times new roman" lang=EN-US style="font-size:10.0pt;">FIFTH</font></u><font face="times new roman" lang=EN-US style="font-size:10.0pt;">: There has been
no increase in the authorized stock of the Corporation effected by the
amendment to the Charter as set forth above.</font></p>

<p style="margin:0in;margin-bottom:8.0pt;text-indent:1.0in;"><u><font color=black face="times new roman" lang=EN-US style="font-size:10.0pt;">SIXTH</font></u><font face="times new roman" lang=EN-US style="font-size:10.0pt;">: These Articles
of Amendment shall be effective at 9:30 a.m. Eastern Time on October 23, 2025 (the
&#8220;Effective Time&#8221;).</font></p>

<p style="margin:0in;margin-bottom:8.0pt;text-indent:1.0in;"><u><font color=black face="times new roman" lang=EN-US style="font-size:10.0pt;">SEVENTH</font></u><font face="times new roman" lang=EN-US style="font-size:10.0pt;">: The undersigned
officer acknowledges these Articles of Amendment are the act of the Corporation
and that to the best of such officer&#8217;s knowledge, information and belief, all matters
and facts set forth herein are true in all material respects and that this
statement is made under the penalties for perjury.</font></p>

<p style="margin:0in;margin-bottom:8.0pt;text-indent:1.0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:8.0pt;text-align:center;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">[SIGNATURE PAGE FOLLOWS]</font></p>

<p style="margin:0in;margin-bottom:8.0pt;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:8.0pt;text-indent:1.0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">IN WITNESS
WHEREOF, the Corporation has caused these Articles of Amendment to be signed in
its name and on its behalf by its President and attested to by its Vice
President and Secretary on this 15th day of October, 2025.</font></p>

<p style="margin:0in;margin-bottom:8.0pt;text-indent:1.0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ABRDN
AUSTRALIA EQUITY FUND, INC.</font></p>

<p style="margin:0in;margin-bottom:8.0pt;text-indent:1.0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; /s/
Alan Goodson</font></p>

<p style="margin:0in;margin-bottom:8.0pt;text-indent:1.0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Name:&#160;&#160;&#160; Alan
Goodson</font></p>

<p style="margin:0in;margin-bottom:8.0pt;text-indent:1.0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Title:&#160;&#160;&#160;&#160;&#160;&#160; President</font></p>

<p style="margin:0in;margin-bottom:8.0pt;text-indent:1.0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">ATTEST:&#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;&#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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>

<p style="margin:0in;margin-bottom:8.0pt;text-indent:1.0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
/s/ Megan Kennedy</font></p>

<p style="margin:0in;margin-bottom:8.0pt;text-indent:1.0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">Name:&#160;&#160;&#160; Megan
Kennedy</font></p>

<p style="margin:0in;margin-bottom:8.0pt;text-indent:1.0in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">Title:&#160;&#160;&#160;&#160;&#160;&#160; Vice
President and Secretary</font></p>




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