Great question — answering as the UphillTech team:
The geo-relevant backlinks are more useful and powerful for local businesses. But more than that the relevancy of the website is more effective. If you are getting a link from Australia but not very much relevant to your niche then it is better to get a link from the USA if that website is relevant to your niche. Google counts the relevancy at the top.
Full answer by Adil Balti: https://webmasters.stackexchange.com/a/145041 (CC BY-SA 4.0).
Need it done for your business? UphillTech.