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THE FIRST AUSTRALIA PRIME INCOME FUND ANNOUNCES DIVIDEND

 NEW YORK, July 19 /PRNewswire/ -- The First Australia Prime Income Fund, Inc., a closed-end bond fund (AMEX: FAX),today declared a regular monthly dividend of US$0.09 per share, payable on Aug. 13, 1993 to all shareholders of record on July 30, 1993 (Ex-dividend Date: July 26, 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 $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 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- 7/19/93
 /CONTACT: Brian Sherman of First Australia Prime Income Fund, 011-612-258-8222 or Marissa Moretti or Doug Myers of Dewe Rogerson, 212-688-6840 for First Australia Prime Income Fund/
 (FAX)


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

MP-LG -- NY029 -- 2956 07/19/93 10:06 EDT
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Publication:PR Newswire
Date:Jul 19, 1993
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