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FIRST AUSTRALIA PRIME INCOME FUND ANNOUNCES DISTRIBUTION

 NEW YORK, April 18 /PRNewswire/ -- The First Australia Prime Income Fund, Inc., a closed-end bond fund (AMEX: FAX), today declared a monthly distribution of US$0.0825 per share, payable on May 13, 1994 to all shareholders of record on April 29, 1994. (Ex-dividend Date: April 25, 1994)
 In order to maintain its policy of paying a stable monthly distribution, the current distribution level may be supplemented with long or short-term capital gains. The Fund's portfolio continues to hold substantial realized and unrealized capital gains. In accordance with its policy, the Board reviews the level of monthly distributions at its quarterly Board meetings, with the next review to take place in June 1994.
 The Fund's cumulative total return from inception to March 31, 1994 was 192.34%, with an annualized total return of 14.51%. The 12-month total return as of March 31, 1994 was 5.90%. All total return figures are based on market price, and dividends and distributions reinvested.
 The Fund's policy is to invest at least 65% 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 March 31, 1994 is as follows: 63.3%, AAA; 35.1%, AA and 1.6%, A. As of March 31, 1994, the average maturity of the Fund's portfolio was 6.8 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 of almost US$1.4 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- 4/18/94
 /CONTACT: Brian Sherman of First Australia, 011-612-258-8222, Richard Strickler of EquitiLink U.S.A., 800-522-5465, Marissa Moretti or Doug Myers of Dewe Rogerson, Inc., 212-688-6840 or 800-323-9995/
 (FAX)


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

LG -- NY055 -- 7643 04/18/94 11:44 EDT
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Publication:PR Newswire
Date:Apr 18, 1994
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