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THE FIRST AUSTRALIA PRIME INCOME FUND ANNOUNCES DIVIDEND

 NEW YORK, March 15 /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 April 16, 1993, to all shareholders of record on March 31, 1993 (ex-dividend date: March 25, 1993).
 The dividend policy is reviewed every quarter by the fund's board of directors. 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.
 Australia's federal election on March 13, 1993, saw the return of Prime Minister Paul Keating's Labor Government with a slightly increased majority probable when counting is finalized. The election result clears the way for the market to focus on a continuation of the country's fundamentals, as well as its current low inflation.
 The Australian bond market has performed strongly during 1993, with relatively high yields and falling inflationary expectations producing a significant rally.
 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- 3/15/93
 /CONTACT: Brian Sherman of the First Australia Prime Income Fund, in Australia, 011-612-258-8222; of Marissa Moretti or Doug Myers of Dewe Rogerson, 212-688-6840, for the fund/
 (FAX)


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

GK-WB -- NY046 -- 6053 03/15/93 13:16 EST
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Publication:PR Newswire
Date:Mar 15, 1993
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