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THE FIRST AUSTRALIA PRIME INCOME FUND ANNOUNCES DIVIDEND

 NEW YORK, Nov. 15 /PRNewswire/ -- The First Australia Prime Income Fund, Inc. (AMEX: FAX), a closed-end bond fund, today declared a regular monthly dividend of US$0.09 per share, payable on Dec. 10, 1993 to all shareholders of record on Nov. 30, 1993. (Ex-Dividend Date: Nov. 23, 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.
 In order to maintain its policy of distributing a stable monthly dividend, the current dividend level may be supplemented with long or short term capital gains, if possible. In accordance with its policy, the Board reviews the level of monthly dividends at its quarterly Board meetings, with the next review to take place at its meeting in December 1993.
 The Fund's policy is to invest at least 65 percent of its portfolio in Australian issuers or debt securities rated AA or better, with no securities rated lower than A. The credit quality breakdown of the portfolio as of Oct. 31, 1993 is as follows: 60.5 percent, AAA; 29.3 percent, AA and 10.2 percent, A. The average maturity of the portfolio as of Oct. 31, 1993 was 7.15 years.
 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 and its primary listing is on The American Stock Exchange. The Fund is managed by EquitiLink International Management Limited and is advised by EquitiLink Australia Limited.
 -0- 11/15/93
 /CONTACT: Brian Sherman of First Australia Prime Income Fund, 011-612-258-8222 or Marissa Moretti or Doug Myers of Dewe Rogerson, 800-323-9995 or 212-688-6840/
 (FAX)


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

SF-LG -- NY055 -- 4388 11/15/93 11:58 EST
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Publication:PR Newswire
Date:Nov 15, 1993
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