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THE FIRST AUSTRALIA PRIME INCOME FUND ANNOUNCES DIVIDEND

 NEW YORK, Aug. 16 /PRNewswire/ -- The First Australia Prime Income Fund, Inc., a closed-end bond fund (AMEX: FAX), today declared a regular monthly dividend of US$0.09 per share, payable on Sept. 10, 1993 to all shareholders of record on Aug. 31, 1993 (Ex-dividend dated: Aug. 25, 1993).
 This is consistent with the policy adopted by the fund's board of directors on Oct. 24, 1988 of declaring a regular monthly dividend of US$0.09 per share, which commenced in February 1989. Qualified U.S. taxpayers are additionally entitled to foreign withholding tax credit on this dividend, and will be informed as to the amount at a later date.
 At the time of its offering in April 1986, the First Australia Prime Income Fund 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- 8/16/93
 /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/
 (FAX)


CO: The First Australian Prime Income Fund ST: New York IN: FIN SU: DIV

LG-OS -- NY034 -- 2947 08/16/93 09:47 EDT
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Publication:PR Newswire
Date:Aug 16, 1993
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