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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000894579-99-000104.txt : 19990416
<SEC-HEADER>0000894579-99-000104.hdr.sgml : 19990416
ACCESSION NUMBER:		0000894579-99-000104
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		19990415

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST AUSTRALIA FUND INC
		CENTRAL INDEX KEY:			0000779336
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				133304681
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		
		SEC FILE NUMBER:	811-04438
		FILM NUMBER:		99594237

	BUSINESS ADDRESS:	
		STREET 1:		100 MUDBERRY STREET
		CITY:			NEW YORK
		STATE:			NJ
		ZIP:			07102-4077
		BUSINESS PHONE:		2122141250

	MAIL ADDRESS:	
		STREET 1:		100 MUDBERRY STREET
		CITY:			NEWARK
		STATE:			NJ
		ZIP:			07102-4077
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<DESCRIPTION>ADDITIONAL PROXY SOLICITING MATERIALS-DEFINITIVE
<TEXT>



                            SCHEDULE 14A INFORMATION

                  Proxy Statement Pursuant to Section 14(a) of
              the Securities Exchange Act of 1934 (Amendment No. )


Filed by the Registrant /x/
Filed by a Party other than the Registrant / /
Check the appropriate box:
/ /    Preliminary  Proxy Statement
/ /    Confidential, for Use of the Commission Only (as permitted by
       Rule 14a-6(e)(2))
/ /    Definitive Proxy Statement
/x/    Definitive Additional Materials
/ /    Soliciting Material Pursuant to ss.240.14a-11(c) or ss.240.14a-12


                         THE FIRST AUSTRALIA FUND, INC.
                         ------------------------------
                (Name of Registrant as Specified In Its Charter)

    (Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

/x/    No fee required.
/ /    Fee  computed  on  table below  per  Exchange  Act Rules  14a-6(i)(1) and
       0-11.

       (1)     Title of each class of securities to which transaction applies:
 
       (2)     Aggregate number of securities to which transaction applies:

       (3)     Per unit price or other underlying value of transaction  computed
               pursuant to Exchange Act Rule 0-11 (set forth the amount on which
               the filing fee is calculated and state how it was determined):

       (4)     Proposed maximum aggregate value of transaction:

       (5)     Total fee paid:

/ /    Fee paid previously with preliminary materials.
/ /    Check box if any part of the fee is offset as provided by Exchange  Act
       Rule  0-11(a)(2) and identify the filing for which the offsetting fee was
       paid previously.  Identify the previous filing by registration  statement
       number, or the Form or Schedule and the date of its filing.

       (1)     Amount Previously Paid:

       (2)     Form, Schedule or Registration Statement No.: 

       (3)     Filing Party: 

       (4)     Date Filed: 


<PAGE>
                                                            [LOGO]
                                                       FIRST AUSTRALIA
                                  NEWS RELEASE               FUND

FOR IMMEDIATE RELEASE





Contacts:
Laurence Freedman/Brian Sherman                Richard Strickler, EquitiLink USA
The First Australia Fund, Inc.                 800-522-5465
011-612-9950-2888
http://www.equitilink.com

Rhonda Barnat/Mike Pascale, Abernathy MacGregor Frank
212-371-5999



               INSTITUTIONAL SHAREHOLDER SERVICES RECOMMENDS FIRST
               ---------------------------------------------------
            AUSTRALIA FUND SHAREHOLDERS RE-ELECT INCUMBENT DIRECTORS
            --------------------------------------------------------


      ISS Recommends Vote Against All of Deep Discount Advisors' Proposals

      ----------------------------------------------------------------------


New York, NY, April 15, 1999 - The First Australia  Fund, Inc. (AMEX:  IAF, PCX:
IAF), a closed-end equity fund,  announced today that Institutional  Shareholder
Services  (ISS) has  recommended  that its clients  vote to re-elect  the Fund's
incumbent  Directors  and vote  against all of the  proposals  of Deep  Discount
Advisors and Ron Olin Investment Management Company (DDA).

ISS is the  nation's  premier  independent  proxy  advisory  firm whose  clients
include some of the largest institutional investors in the world.

In its report,  ISS stated,  "The current Board is a group of individuals highly
qualified to oversee a fund that invests in Australian equities."

                                    - more -

<PAGE>

Page Two

First Australia Fund Chairman  Laurence Freedman said, "We are extremely pleased
with  ISS's  recommendation.  It has  recognized  both  the  Fund's  outstanding
performance   and  the  Board's   commitment   to   delivering   value  for  all
shareholders." President,  Brian Sherman said, " The First Australia Fund is the
only  vehicle for most  investors  to  participate  in  Australia's  growing and
vibrant  economy  through the Fund's  investment  in Australian  Stock  Exchange
listed companies. We strongly urge shareholders to follow the ISS recommendation
and to vote for the election of Directors and against all of DDA's proposals."

ISS also said, "The fund's  performance has improved  greatly,  and the discount
has decreased  significantly in the past seven months, partly as a result of the
booming Australian market."

ISS went on to note that,  although DDA suggested in its proxy materials methods
by which  shareholders  could sell their shares at net asset value, "On speaking
with DDA and on doing additional  research,  ISS learned of two closed-end funds
in which such methods were used,  both of which ended in the  dissolution of the
fund or its merging into another fund."

The First  Australia  Fund,  Inc.  is a  closed-end  fund  organized  to provide
investors a vehicle  for  long-term  appreciation  and  current  income  through
investment  primarily in equity securities of Australian companies listed on the
Australian  Stock  Exchange.  The Fund is  managed by  EquitiLink  International
Management Limited and advised by EquitiLink  Australia Limited.  On January 31,
1999,  86.4% of the Fund's  portfolio  was held in  industrial  equities,  which
includes the financial sector,  12.6% was held in resource equities and 1.0% was
held in cash.  As of January 31, 1999,  the Fund's total net assets  amounted to
$154.4  million and the Fund's NAV was $8.98 per share.  In December  1997,  the
Board instituted a managed distribution policy. In 1998, the Board determined to
continue this distribution  policy,  which provides all shareholders with a high
cash distribution of approximately 12% per annum based on recent share prices.

                                      # # #

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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