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THE FIRST AUSTRALIA PRIME INCOME FUND ANNOUNCES DIVIDEND

 NEW YORK, May 17 /PRNewswire/ -- The First Australia Prime Income Fund, Inc., a closed-end bond fund (AMEX-PSE: FAX), today declared a regular monthly dividend of US$0.09 per share, payable on June 11, 1993 to all shareholders of record on May 28, 1993 (ex-dividend date: May 24, 1993).
 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 US$0.09 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 Australian Prime Income Fund was the largest-ever initial public offering on the American Stock Exchange. The Fund has net assets in excess of US$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- 5/17/93
 /CONTACT: Brian Sherman of The First Australia Prime Income Fund, Inc., 011-612-258-8222, or Marissa Moretti or Doug Myers of Dewe Rogerson, 212-688-6840, for The First Australia Prime Income Fund/
 (FAX)


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

SH-OS -- NY037 -- 9104 05/17/93 10:34 EDT
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Publication:PR Newswire
Date:May 17, 1993
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