I guess you are referencing the geo targeting in the Search Console - there is no geo targeting in Analytics.
If you have a country specific TLD like .co.uk your site is automatically targeted to the uk market. Geo targeting is only possible for 'neutral' TLD's like .com,.net,.org,...etc. If you site is targeted to one specific country it's very difficult to rank for keywords outside the geographic area. On a .co.uk domain it's virtually impossible to create a section that targets Australian customers.
In that case - you would need to buy a .au domain or a generic domain. If you want to target multiple countries and buying different local tld's is not possible - you can buy a generic one (.com) - and target parts of the site to a specific country like
mydomain.com/uk => target uk
mydomain.com/au => target au ... etc
Don't know what you mean with "canonicalising new url's with relevant keywords" - for international content you shouldn't use canonical url's to point to your main content - rather use href lang tags to make it obvious to search engines which part of the site is targeted to which audience.
Some useful resources:
International SEO checklist (Moz) Hreflang attributes (Google)
International SEO (Moz)
Country Targeting (Google)
Geo-Targeting Your Pages for Specific Audiences (Bing)