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FIRST AUSTRALIA PRIME INCOME FUND ANNOUNCES DIVIDEND

 NEW YORK, Jan. 18 /PRNewswire/ -- The First Australia Prime Income Fund, Inc., (AMEX-PSE: FAX), a closed-end bond fund today declared a regular monthly dividend of $0.09 per share, payable on Feb. 12, 1993 to all shareholders of record on Jan. 29, 1993 (ex-dividend date: Jan. 25, 1993).
 Consistent with the policy adopted by the fund's board of directors on Oct. 24, 1988, the board examines the level of the dividend every three months. The fund will continue to pay a monthly dividend of $0.09 per share at least until the end of March 1993, despite considerable interest rate declines in Australia in the United States, as well as significant currency movements. Unless there is a recovery in the Australian dollar, or an increase in interest rates, the fund may have to reduce the level of its monthly dividend in the future.
 For the 12-month period ended Dec. 31, 1992, total dividends and distributions declared by the fund amounted to $1.16 per share. Qualifying United States taxpayers are entitled to a foreign withholding tax credit on a portion of this dividend.
 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 current assets in excess of $1.27 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 fund is managed by EquitiLink International Management Limited and advised by EquitiLink Australia Limited.
 -0- 1/18/93
 /CONTACT: Brian Sherman of First Australia Prime Income Fund, Inc., 011-612-258-8222; or Marissa Moretti or Doug Myers of Dewe Rogerson, 212-688-6840, for First Australia Prime Income Fund, Inc./
 (FAX)


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

LR-OS -- NY058 -- 5940 01/18/93 14:24 EST
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Date:Jan 18, 1993
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