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U.S. Securities and Exchange Commission

Investment Company Act of 1940 - Section 19(b)
Aberdeen Australia Equity Fund, Inc.

July 13, 2006

Sander M. Bieber, Esq.
Dechert LLP
1775 I Street, N.W.
Washington, D.C. 20006-2401

Re: Aberdeen Australia Equity Fund, Inc., File No. 812-11084

Dear Mr. Bieber:

In your letter of July 13, 2006, you request our assurance that the order ("Order") issued to Aberdeen Australia Equity Fund, Inc. (formerly The First Australia Fund, Inc.) ("Fund")1 will remain in effect if the Fund makes a proposed public offering of the Fund's shares ("Offering") in accordance with the terms of your letter. You state that the Order provides an exemption from section 19(b) of the Investment Company Act of 1940 and rule 19b-1 thereunder to permit the Fund to make up to four distributions of net long-term capital gains in any one taxable year.

Based on the facts and representations made in your letter, we confirm that the Order will remain in effect notwithstanding the Offering.

Courtney S. Thornton
Senior Counsel
Office of Investment Company Regulation


Incoming Letter

The Incoming Letter is in Acrobat format.


Modified: 03/19/2007