Aberdeen Australia Equity Fund, Inc. is a non-diversified, closed-end management investment company. The Fund's principal investment objective is long-term capital appreciation through investment primarily in equity securities of Australian companies listed on the Australian Stock Exchange Limited. Its secondary objective is current income, which is expected to be derived primarily from dividends and interest on Australian corporate and governmental securities. It invests approximately 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities, consisting of common stock, preferred stock and convertible stock, of companies tied economically to Australia. It invests in various sectors, such as financials, materials, healthcare, utilities, energy, telecommunication services and consumer staples. Aberdeen Asset Management Limited is the investment advisor of the Fund. Aberdeen Asset Management Asia Limited is the Fund's investment manager.