UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 144

NOTICE OF PROPOSED SALE OF SECURITIES

PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933

ATTENTION: Transmit for filing 3 copies of this form concurrently with either placing an order with a broker to execute sale or executing a sale directly with a market maker.

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SEC USE ONLY

DOCUMENT SEQUENCE NO.

CUSIP NUMBER

1(a) NAME OF ISSUER (PLEASE TYPE OR PRINT)

Aberdeen Australia Equity Fund, Inc.

(b) IRS IDENT. NO.

(c) S.E.C. FILE NO.

811-04438

WORK LOCATION

1(d) ADDRESS OF ISSUER       STREET                 CITY                 STATE                 ZIP CODE

45 Broadway, 21st Floor New York New York 10006

(e) TELEPHONE NO.

AREA CODE

800

NUMBER

522-5465

2(a) NAME OF PERSON FOR WHOSE ACCOUNT THE SECURITIES ARE TO BE SOLD

Bankgesellschaft Berlin AG

(b) IRS IDENT NO.

(c) RELATIONSHIP TO ISSUER

10% Owner

(d) ADDRESS STREET              CITY STATE ZIP CODE

Alexanderplatz 2    Berlin, Germany 2M D10178

3 (a)

Title of the
Class of
Securities
To Be Sold

(b)

Name and Address of Each Broker Through Whom the
Securities are to be Offered or Each Market Maker
who is Acquiring the Securities

SEC USE ONLY

(c)

Number of Shares
or Other Units
To Be Sold

(See Instr. 3(c))

(d)

Aggregate
Market
Value
(See Instr. 3(d))

(e)

Number of Shares
or Other Units
Outstanding

(See Instr. 3(e))

(f)

Approximate
Date of Sale

(See Instr. 3(f))

(MO. DAY YR.)

(g)

Name of Each Securities
Exchange

(See Instr. 3(g))

Broker-Dealer
File Number

Common Stock, par value $.01 per share

Cantor Fitzgerald

One America Square
London EC3N 2LS
United Kingdom

72,000

$933,120 as of October 31, 2005

16,777,298

11-01-05 and subsequent

AMEX

1.   (a)  Name of issuer
(b)  Issuer’s I.R.S. Identification Number
(c)  Issuer’s S.E.C. file number, if any
(d)  Issuer’s address, including zip code
(e)  Issuer’s telephone number including area code

2.   (a)  Name of person for whose account the securities are to be sold
(b) Such person’s I.R.S. identification number, if such person is an entity
(c)  Such person’s relationship to the Issuer (e.g., officer, director, 10%
      stockholder, or member of immediate family of any of the foregoing)
(d) Such person’s address, including zip code

3.   (a)  Title of the class of securities to be sold
(b)  Name and address of each broker though whom the securities are intended to be sold
(c)  Number of shares or other units to be sold (if debt securities, give the aggregate face amount)
(d)  Aggregate market value of the securities to be sold as of a specified date within 10 days prior to the filing of this notice
(e)  Number of shares or other units of the class outstanding, or if debt securities the face amount thereof outstanding, as shown by the most recent report or statement published by the issuer
(f)  Approximate date on which the securities are to be sold
(g)  Name of each securities exchange, if any, on which the securities are intended to be sold.

Title of
the Class

Date you
Acquired

Name of Acquisition Transaction

Name of Person from Whom Acquired
(If gift, also give date donor acquired)

Amount of
Securities
Acquired

Date of
Payment

Nature of Payment

Common Stock

17th October

2002

Purchase Agreement

Mira, L.P.

5,348,149

22nd October 2002

Cash

INSTRUCTIONS:      1.   If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments, describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Name and Address of Seller

Title of Securities Sold

Date of Sale

Amount of
Securities Sold

Gross Proceeds

Bankgesellschaft Berlin AG

Alexanderplatz 2

D10178 Berlin

GERMANY

Common Stock of Aberdeen Australia Equity Fund Inc.

8/16/05

8/17/05

8/19/05

8/22/05

8/24/05

8/25/05

9/26/05

9/27/05

9/30/05

10/3/05

2,700

2,700

5,600

10,000

10,500

7,900

35,300

25,000

7,000

13,000

33,754.05

33,626.88

69,903.12

125,130.00

131,090.40

98,504.31

477,464.27

388,140.00

94,266.90

172,161.60

INSTRUCTIONS:

See the definition of “person” in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

November 1, 2005

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed

/s/ Moritz Sell, Director.

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)