Does changing the iTunes Country account affect the iPhone?

Hi all
I bought an iPhone in the UK and am moving to Australia. In the meantime I am spending time in Europe and still use the phone on a prepay deal.
If I change my iTunes account from the UK to Australia while I'm traveling, will this affect the phone in any way?
Cheers,
Doug

Thanks I do have a billing address in Australia.
I'll give it a try and post my experience back here.
Doug

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