vanguard australia share index vs lics, page-4

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It all depends on your investment outlook and appetite for risk. If you have a long term horizon and are comfortable with a quality LIC that will (as does happen being in the markets) fall in value from time to time comparable to NTA or "market mood" then a LIC of quality is my preffered. If you take AUI with the quality holdings, the limited investors (if you prefer illiquidity) and the low management expenses then in the long term it will do well.
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An index fund does not appeal to me. You will track the market and do fine with this over the long term too. It all depends on ones style and ones pick of businesses. I used to think that MMA was a good LIC until cK alerted me to AUI and the sister DUI. In those few moments of 'madness' I would have much preffered to be in an index fund than hold MMA.