Watts' role in Mother and Child has landed her a place on the shortlist for the International Award For Best Actress along with Toni Collette, Edge of Darkness' Bojana Novakovic and Alice In Wonderland's Mia Wasikowska.
Worthington is competing for the International Award for Best Male for his role in blockbuster Avatar, going up against Simon Baker, Ryan Kwanten and Kodi Smit-McPhee.
Other stars nominated for prizes at the upcoming ceremony include Clive Owen, who is up for the AFI Award For Best Lead Actor for his role in The Boys Are Back, alongside contenders Ben Mendelsohn, James Frecheville and Brendan Cowell.
Abbie Cornish has received a nod for the AFI Award For Best Lead Actress and The Hurt Locker's Guy Pearce is heading the nominations for the Best Supporting Actor trophy.
Movie Animal Kingdom tops the nominations board with a record 18 category listings, Beneath Hill 60 is up for 12 awards and Jane Campion's Bright Star will compete for 11 prizes.
The ceremony is due to take place on 10 and 11 December (10) in Melbourne, Australia.
Bonham Carter's turn as beloved author Enid Blyton in Enid earned her the honour, while Walters received a double nod in the category - she has been nominated for her role in Mo, which saw her play British Labour Party politician Mo Mowlam, and drama A Short Stay In Switzerland.
The actresses, who both appear in the Harry Potter movie franchise, will compete with Hotel Rwanda star Sophie Okonedo for her portrayal of Winnie Mandela in Mrs Mandela.
The male acting category is also a battle of the Harry Potter stars - Kenneth Branagh (Wallander), John Hurt (An Englishman in New York) and Brendan Gleeson (Into The Storm) will go up against David Oyelowo (Small Island) for the Best Actor trophy.
Okonedo also received a nomination in the Best Supporting Actress category for drama Criminal Justice - she's up against Rebecca Hall (Red Riding 1974), Lauren Socha (The Unloved) and Imelda Staunton (Cranford).
Featured in the Best Supporting Actor category are Benedict Cumberbatch (Small Island), Tom Hollander (Gracie!), Gary Lewis (Mo) and Matthew Macfadyen (Criminal Justice).
Simon Cowell's hit TV contest Britain's Got Talent will compete with The Graham Norton Show, Harry Hill's TV Burp and Newswipe with Charlie Brooker for Best Entertainment Programme, while True Blood, Family Guy, Mad Men and Nurse Jackie are nominated for Best International Show.
The winners will be announced at a star-studded ceremony in London on 6 June (10).