The $130 million (£81 million) blockbuster, the most expensive film ever made Down Under, was expected to lead the pack at the upcoming awards show, but missed out on nominations in the main categories - including the coveted AFI Best Film prize.
Both Kidman and Jackman were also noticeably absent from the best actor/actress lists.
Luhrmann's romance was nominated for the New Member's Choice Award, Best Sound, Original Music Score, Production Design, Costume Design and Best Supporting Actor for young star Brandon Walters.
Australia was outdone by director Robert Connolly's Balibo, which earned 14 nominations, and Samson and Delilah, which scooped 13.
Both will compete in the Best Film category against Beautiful Kate, Blessed, Mao's Last Dancer and Mary and Max.
Russell Crowe is in the running for the AFI International Award for Best Actor for his role in State of Play, alongside Martin Henderson of TV hit House, Anthony LaPaglia from Without A Trace and Guy Pearce for Bedtime Stories.