Local subdomains for English speaking countries
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Your sites sound like the are simular and may be seen as duplicates.
using tlds .com.au .co.uk and so, will solve this problem. You can have a duplicate site if in different tlds.
As for splitting efforts, normally I would agree, but not when trying to rank in different countries. I believe it is easier to rank 4 sites in 4 different countries than trying to rank world wide with one.
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Here are similar discussions on moz.com/q that should help:
http://moz.com/community/q/multi-country-targeting-for-listing-site-cctld-sub-domain-or-com-folder
http://moz.com/community/q/multiple-country-site-versions-and-hosting
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Alan if you are using rel="alternate" hreflang="x" correctly then there shouldn't be any problems with duplicate content for different locales using sub domains or folders.
As per Google's guildelines:
Some example scenarios where
rel="alternate" hreflang="x"is recommended:- You translate only the template of your page, such as the navigation and footer, and keep the main content in a single language. This is common on pages that feature user-generated content, like a forum post.
- Your pages have broadly similar content within a single language, but the content has small regional variations. For example, you might have English-language content targeted at readers in the US, GB, and Ireland