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If they're by the same publisher, they'll probably be the same. If they're by a different publisher, there will almost certainly be differences in the formatting, and quite often local publishers will adjust spelling and vocabulary to match local standards.
More importantly, from Amazon's point of view, there may be books in the US store that they're not legally allowed to sell to Australians who live in Australia, usually because the publisher of the US edition doesn't have publication rights in Australia. That's why you're being encouraged to switch to the Australian Kindle store.
[Edit: Harry's right - except he meant to say ASIN (?Amazon Stock Identification Number), not PID]
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