-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Brd39loYYy8Frp8/dTGT6gD3HSxhU37Lf74MpL1YkSII2B2AphPlXZgoqXCvvem3
 LiAo1an8iJusXmXgLsMWLA==

<SEC-DOCUMENT>0000943663-01-500052.txt : 20010501
<SEC-HEADER>0000943663-01-500052.hdr.sgml : 20010501
ACCESSION NUMBER:		0000943663-01-500052
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20010430

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST AUSTRALIA PRIME INCOME FUND INC
		CENTRAL INDEX KEY:			0000790500
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				133334183
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		
		SEC FILE NUMBER:	811-04611
		FILM NUMBER:		1615842

	BUSINESS ADDRESS:	
		STREET 1:		ONE SEAPORT PLAZA
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10292
		BUSINESS PHONE:		2122141250

	MAIL ADDRESS:	
		STREET 1:		ONE SEAPORT PLAZA
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10292
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>defa14a.htm
<TEXT>

<HTML>
<HEAD>
<TITLE> defa14a </TITLE>
</HEAD>
<BODY>
<P><B>CONTENTS OF EQUITILINK.COM WEBSITE:</B></P>


<BIG><BIG><FONT FACE = "ARIAL"><B><BR>The First Australia Prime Income Fund, Inc. (AMEX:FAX, PCX:FAX)</B></FONT></BIG></BIG>
<BR>
<BR><B><BIG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEWS FLASH:</BIG>
<BR>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE FIRST AUSTRALIA PRIME INCOME FUND, INC.
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SPECIAL BOARD MEETING</B>

<P>(New York, NY, April 27, 2001) -- At the Fund&#146;s Annual Meeting, shareholders are being asked to consider and vote
<BR>on proposed amendments to the Fund&#146;s investment objective, policies, and restrictions (Proposals 3A, 3B, and 3C).</P>

<P>At a special meeting of the Board of Directors held on April 26, 2001, the Board determined to withdraw from
<BR>consideration at the Annual Meeting a proposal (Proposal 3D) to eliminate the requirement that any
<BR>subsequent changes in the Fund&#146;s investment policies be approved by shareholders. In reaching its decision, the Board
<BR>considered concerns expressed by shareholders that shareholders retain their ability to vote on any such subsequent
<BR>changes to the Fund&#146;s investment policies. Accordingly, at the adjourned Annual Meeting on May 10, 2001,
<BR>shareholders will be asked to vote on Proposals 3A, 3B, and 3C.</P>

<P>The Board of Directors recommends that shareholders vote in favor of Proposals 3A, 3B, and 3C and urges
<BR>shareholders to sign and mail their proxy cards promptly.
<BR>**************************************************************</P>

<BIG><B>The First Australia Prime Income Fund sent to shareholders of record March 5, 2001 a
<BR>Proxy Statement dated March 19, 2001. The Board of Directors is seeking shareholder
<BR>approval to amend the Fund&#146;s investment objective, investment policies and restrictions.
<BR>Please contact Innisfree M&amp;A, the Proxy Solicitor at 800-750-5834 for registered and
<BR>beneficial shareholder voting procedures.</B></BIG>
<BR>
<BR>
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THE ANNUAL MEETING HAS BEEN ADJOURNED UNTIL MAY 10, 2001 TO
<BR>&nbsp;&nbsp;&nbsp;PROVIDE SHAREHOLDERS ADDITIONAL TIME TO VOTE ON CERTAIN ITEMS.
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;PLEASE VOTE YOUR SHARES TODAY!</B>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
