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 NEW YORK, Oct. 18 /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 Nov. 12, 1993, to all shareholders of record on Oct. 29, 1993. (Ex-Dividend Date: Oct. 25, 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.
 The fund said that in order to maintain its policy of maintaining a stable monthly dividend, current dividends being paid by the fund are in excess of its current tax basis net investment income which includes current estimated currency gains and losses. The fund intends to cover any shortfall from realized long or short term capital gains. There can be no assurance, however, that the current dividend level can be maintained without supplements from sources other than net investment income and, in light of the recent movements of currency exchange rates and the existing interest rate climate, the fund may be required to reduce its monthly dividend rate. The board of directors, in accordance with its policy, reviews the level of monthly dividends on a continuing basis at its quarterly board meetings, with the next review to take place at its meeting to be held in December 1993.
 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 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- 10/18/93
 /CONTACT: Brian Sherman of The First Australia Prime Income Fund, 011-612-258-8222; or Richard Strickler of EquitiLink U.S.A., 800-522-5465; or Marissa Moretti or Doug Myers of Dewe Rogerson, 800-626-0993 or 212-688-6840/

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

WB-MP -- NY081 -- 3515 10/18/93 15:39 EDT
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Publication:PR Newswire
Date:Oct 18, 1993

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