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THE FIRST AUSTRALIA FUND, INC. ANNOUNCES TOP TEN EQUITY HOLDINGS AS OF APRIL 30, 1993

 NEW YORK, June 22 /PRNewswire/ -- The First Australia Fund, Inc. (AMEX: IAF) today announced its top ten equity holdings as of April 30, 1993. Listed below are the holdings in descending order (in US$):
 HOLDING SECTOR US AMOUNT SHARES
 News Corp. Ltd. Services $6,507,753 1,230,583
 Broken Hill
 Proprietary
 Company, Ltd. Natural Resources 5,839,737 571,224
 National Australia
 Bank, Ltd. Services 2,522,237 395,513
 Western Mining Corp.
 Holdings Ltd. Natural Resources 2,364,083 656,941
 CSR Ltd. Property Related 2,165,668 676,200
 Advance Bank of
 Australia Ltd. Services 2,002,129 360,748
 ICI Australia Ltd. Diversified Industrial 1,925,949 394,800
 Nine Network
 Australia Ltd. Services 1,868,739 826,000
 Delta Gold Ltd. Natural Resources 1,847,130 1,389,700
 Palmer Tube
 Mills Ltd. Diversified Industrial 1,754,919 1,677,169
 The First Australia Fund, traded on the American Stock Exchange and the Pacific Stock Exchange, is advised by EquitiLink Australia Limited and managed by EquitiLink International Management Limited. The EquitiLink Group, which manages over US$2 billion in assets, continues to be leader in the funds management business.
 -0- 6/22/93
 /CONTACT: Marissa Moretti or Doug Myers, both of Dewe Rogerson, Inc., 212-688-6840/
 (IAF)


CO: First Australia Fund, Inc. ST: IN: FIN SU:

TM-MG -- NY083 -- 4758 06/22/93 18:09 EDT
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Publication:PR Newswire
Date:Jun 22, 1993
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