Aberdeen Australia Equity Fund, Inc. Announces Performance Data and Portfolio Composition

Aberdeen Australia Equity Fund, Inc. Announces Performance Data and Portfolio
Composition

PHILADELPHIA, June 30 /PRNewswire-FirstCall/ -- Aberdeen Australia Equity
Fund, Inc. (the "Fund") (NYSE Amex: IAF), a closed-end equity fund, announced
today its performance data and portfolio composition as of May 31, 2009.

The Fund's total returns for various periods through May 31, 2009 are provided
below. (All figures are based on distributions reinvested at the dividend
reinvestment price and are stated net-of-fees):

Period NAV Total Return % Market Price Total Return %
Cumulative Annualized Cumulative Annualized

Since inception 466.0 7.7 576.5 8.5
(December 1985)
10-years 159.0 10.0 270.6 14.0
5-years 64.3 10.4 126.3 17.8
3-years 3.5 1.2 18.0 5.7
1-year -34.4 -25.4

The Fund's returns, which are denominated in U.S. dollars, are affected by the
performance of the U.S. dollar against the Australian dollar.

On May 31, 2009, the Fund's net assets amounted to US$171.2 million and the
Fund's NAV per share was $8.92.

As of May 31, 2009, the portfolio was invested as follows:

Portfolio Composition Percent of
Net Assets
Consumer Discretionary 6.5
Consumer Staples 15.7
Energy 4.2
Finance 25.8
HealthCare 2.8
Industrials 3.2
Information Technology 1.7
Materials 22.6
Other 4.4
Property 4.1
Telecommunications 3.3
Utilities 5.7

The Fund's ten largest equity holdings as of May 31, 2009, representing 60.1%
of net assets, were:

Stock Percent of
Net Assets
BHP Billiton Limited 14.0
QBE Insurance Group Limited 6.8
Rio Tinto Limited 6.1
Westpac Banking Corporation Limited 5.9
Woolworths Limited 5.5
Lion Nathan Limited 5.1
Australia & New Zealand Banking Group
Limited 4.2
Commonwealth Bank of Australia Limited 4.2
Woodside Petroleum Limited 4.2
Westfield Group Limited 4.1

Important Information
Aberdeen Asset Management Inc., the Fund's Administrator, has prepared this
report based on information sources believed to be accurate and reliable.
However, the figures are unaudited and neither the Fund, the Administrator,
Aberdeen Asset Management Asia Limited (the Investment Manager), Aberdeen
Asset Management Limited (the Investment Adviser), nor any other person
guarantees their accuracy. Investors should seek their own professional
advice and should consider the investment objectives, risks, charges and
expenses before acting on this information. Aberdeen is a U.S. registered
service mark of Aberdeen Asset Management PLC.

Total return figures with distributions reinvested at the dividend
reinvestment price are stated net-of-fees and represents past performance.
Past performance is not indicative of future results, current performance may
be higher or lower. Inception date December 12, 1985.

If you wish to receive this information electronically, please contact:
InvestorRelations@aberdeen-asset.com

SOURCE Aberdeen Australia Equity Fund, Inc.

Aberdeen Asset Management Inc. Investor Relations, +1-866-839-5205,
InvestorRelations@aberdeen-asset.com