There are different versions because of different TV specs.
NTSC is used in the US and Japan. It uses 525 lines and 60 frames a second.
PAL is used in most of the world. It uses 625 lines and 50 frames a second.
The two systems are not compatible so that's why there's a European and American version of the english translation. Australia used the European (PAL) version because it uses the same TV system.