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FIRST AUSTRALIA PRIME INCOME FUND ANNOUNCES DIVIDEND

 FIRST AUSTRALIA PRIME INCOME FUND ANNOUNCES DIVIDEND
 NEW YORK, March 16 /PRNewswire/ -- The First Australia Prime Income


Fund, Inc., a closed-end bond fund (AMEX: FAX), today declared a regular monthly dividend of $0.09 per share, payable on April 16, 1992, to all shareholders of record on March 31, 1992.
 This dividend is consistent with the policy adopted by the fund's board of directors on Oct. 24, 1988, of declaring a regular monthly dividend of $0.09 per share, which commenced in February 1989. Qualifying U.S. taxpayers are additionally entitled to a 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 $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- 3/16/92
 /CONTACT: Brian Sherman of the First Australia Prime Income Fund, 011-612-258-8222, or Marissa Moretti or George Arvantides of Dewe Rogerson, 212-688-6840, for First Australia Prime Income Fund/
 (FAX) CO: First Australia Prime Income Fund, Inc. ST: IN: FIN SU: DIV


SM-KD -- NY087 -- 8538 03/16/92 18:15 EST
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Publication:PR Newswire
Date:Mar 16, 1992
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