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FIRST AUSTRALIA PRIME INCOME FUND ANNOUNCES DIVIDEND

 FIRST AUSTRALIA PRIME INCOME FUND ANNOUNCES DIVIDEND
 NEW YORK, April 20 /PRNewswire/ -- The First Australia Prime Income


Fund, Inc., (AMEX: FAX) a closed-end bond fund, today declared a regular monthly dividend of $0.09 per share, payable on May 15, 1992 to all shareholders of record on April 30, 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- 4/20/92
 /CONTACT: Brian Sherman of First Australia Prime Income Fund, 011-612-258-8222, or Marissa Moretti or Corey Cutler of Dewe Rogerson, 212-688-6840, for First Australia Prime Income Fund/
 (FAX) CO: First Australia Prime Income Fund Inc. ST: New York IN: SU: DIV


SM-OS -- NY024 -- 9937 04/20/92 10:13 EDT
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Publication:PR Newswire
Date:Apr 20, 1992
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