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FIRST AUSTRALIA PRIME INCOME FUND ANNOUNCES DIVIDEND

 FIRST AUSTRALIA PRIME INCOME FUND ANNOUNCES DIVIDEND
 NEW YORK, Oct. 12 /PRNewswire/ -- The First Australia Prime Income


Fund, Inc. (AMEX: FAX), a closed-end bond fund, today declared a regular monthly dividend of 9 cents per share, payable on Nov. 13, 1992, to all shareholders of record on Oct. 22, 1992 (ex-dividend date: Oct. 16, 1992).
 This is consistent with the policy adopted by the fund's board of directors on Oct. 24, 1988, of declaring a regular monthly dividend of 9 cents per share, which commenced in February 1989. Qualified U.S. taxpayers are additionally entitled to 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- 10/12/92
 /CONTACT: Brian Sherman of First Australia Prime Income Fund, Inc., 011-612-258-8222, or Marissa Moretti or Doug Myers of Dewe Rogerson, Inc., 212-688-6840, for First Australia Prime Income Fund, Inc./
 (FAX) CO: First Australia Prime Income Fund, Inc. ST: New York IN: FIN SU: DIV


CK-TS -- NY037 -- 8828 10/12/92 11:44 EDT
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Publication:PR Newswire
Date:Oct 12, 1992
Words:256
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