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THE FIRST AUSTRALIA FUND ANNOUNCES DIVIDEND

 THE FIRST AUSTRALIA FUND ANNOUNCES DIVIDEND
 NEW YORK, June 11 /PRNewswire/ -- The First Australia Fund, Inc.


(AMEX: IAF), a closed-end equity fund, today declared a semi-annual dividend of $0.09 per share, payable on July 17, 1992, to all shareholders of record on June 30, 1992. The dividend for the comparable six-month period ended June 30, 1991, was $0.14 per share.
 The lower dividend reflects changes in the fund's asset relocation, which have enhanced the fund's growth potential, as well as reduced dividend payments by some Australian companies.
 Over the past year the fund has increased its exposure to Australian shares, with an emphasis on growth stocks, at the expense of higher yielding fixed-income investments. This strategy is based on the potential for Australian shares to make significant advances as the Australian economy continues the recovery which began in the second half of 1991.
 While Australian companies' dividends fell during 1991, the economic recovery also indicates that there is considerable potential for corporate earnings to grow in the future and for dividends to increase.
 The First Australia Fund, at the time of its offering in December 1985, was the first U.S. closed-end fund to invest solely in Australian securities. The fund invests primarily in equity securities of Australia and has net assets of approximately $62 million.
 The First Australia Fund trades on both the American Stock Exchange and the Pacific Stock Exchange and is advised by EquitiLink Australia Limited, a leading independent mutual fund manager in Australia.
 -0- 6/11/92
 /CONTACT: Brian Sherman of the First Australia Fund, in Australia, 011-612-258-8222; or Marissa Moretti or Corey Cutler of Dewe Rogerson, 212-688-6840, for the fund/
 (IAF) CO: The First Australia Fund, Inc. ST: New York IN: FIN SU: DIV


TS-GK -- NY034 -- 9171 06/11/92 10:29 EDT
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Publication:PR Newswire
Date:Jun 11, 1992
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