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FIRST AUSTRALIA FUND REPORTS ASSET ALLOCATION AS OF APRIL 30, 1993

 NEW YORK, June 18 /PRNewswire/ -- The First Australia Fund, Inc. (AMEX: IAF) had 92.3 percent of its net assets invested in Australian equity securities as of April 30, 1993. As of the same date, total long-term investments were equivalent to 93.5 percent of net assets, of which 93.5 percent were equities and equity equivalents.
 As of April 30, 1993, net assets were broken down into the following industries:
 Natural Resources: 34.7 percent
 Services: 24.9 percent
 Diversified Industriales: 24.5 percent
 Property Related Stocks: 8.2 percent
 Warrants: 1.2 percent
 Short-term investments, consisting of a repurchase agreement, was 1.4 percent of net assets.
 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 a leader in the funds management business.
 -0- 6/18/93
 /CONTACT: Marissa Moretti, or Doug Myers both of Dewe Rogerson, Inc., 212-688-6840, for The First Australia Fund/
 (IAF)


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

LD -- NY076 -- 3771 06/18/93 18:02 EDT
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Publication:PR Newswire
Date:Jun 18, 1993
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