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THE FIRST AUSTRALIA PRIME INCOME FUND, INC. MAINTAINS DIVIDEND

 NEW YORK, June 10 /PRNewswire/ -- The First Australia Prime Income Fund, Inc. (AMEX: FAX), a closed-end bond fund today announced it will continue to pay a steady monthly dividend of US$0.09 per share. This dividend will be subject to its regular quarterly review, at the Fund's next board meeting in September 1993. The board's policy has been to facilitate the maintenance of a steady dividend yield. A monthly dividend of US$0.09 per share has been paid since February 1989.
 Australia's fixed-income markets have posted solid returns during 1993, reflecting the impact of continuing low inflation and the moderate pace of economic recovery. Currently, Australian ten year government bonds are yielding approximately 7.7 percent, compared with approximately 6.1 percent for ten year treasury bonds in the United States.
 At the time of its offering in April 1986, The First Australia Prime Income Fund, Inc. was the largest-ever initial public offering on the American Stock Exchange. The fund has net assets in excess of US$1 billion. The fund's policy is to invest at least 65 percent of its portfolio in Australian issuers or debt securities rated AA or better. The First Australia Prime Income Fund trades on the American Stock Exchange and the Pacific Stock Exchange. The fund is advised by EquitiLink Australia Limited.
 -0- 6/10/93
 /CONTACT: Brian Sherman of The First Australia Prime Income Fund, Inc., 011-612-258-8222, or Marissa Moretti or Doug Myers of Dewe Rogerson, 212-688-6840, for The First Australia Prime Income Fund, Inc./
 (FAX)


CO: First Australia Prime Income Fund, Inc. ST: New York IN: FIN SU: DIV

SH-OS -- NY063 -- 0693 06/10/93 14:18 EST
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Publication:PR Newswire
Date:Jun 10, 1993
Words:277
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