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FIRST AUSTRALIA PRIME INCOME FUND ANNOUNCES DIVIDEND

 FIRST AUSTRALIA PRIME INCOME FUND ANNOUNCES DIVIDEND
 NEW YORK, July 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 Aug. 14, 1992 to all shareholders of record on July 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.
 Special Note:
 The company also announced several corrections to the fund's semi- annual report dated April 30, 1992. On page 16 of the report, which is headed "Selected Per Share Data and Ratios," the corrected per share data for the six months ended April 30, 1992, is:
 Dividend for net investment
 income to common shareholders ($0.56)
 Distributions from net realized capital
 gains and foreign exchange transactions
 to common shareholders ($0.29)
 Distributions from net realized capital
 gains to preferred shareholders ($0.01)
 -0- 7/20/92
 /CONTACT: Brian Sherman of the 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: IN: FIN SU: DIV


KD-LR -- NY020 -- 0619 07/20/92 09:59 EDT
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Date:Jul 20, 1992
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