Baz Luhrmann's big budget re-imagining of The Great Gatsby looks set to dominate the upcoming Australian Academy of Cinema and Television Arts (AACTA) Awards after scoring a massive 14 nominations.

The movie version of F. Scott Fitzgerald's classic novel, starring Leonardo DiCaprio and Carey Mulligan, was shot in Australia and now looks set to sweep the board at the country's most prestigious movie awards, after scoring nods in categories such as Best Film and Best Direction.

It also landed nods for DiCaprio, Mulligan and Joel Edgerton, while Isla Fisher and Elizabeth Debicki will go head-to-head for the Best Supporting Actress prize. The Great Gatsby also received nominations for costume, sound, editing, cinematography and musical score, among others.

Low-budget Australian movie The Rocket will be another big contender at the prizegiving after picking up 12 nominations, going up against The Great Gatsby in the Best Film category, along with Dead Europe, Mystery Road, Satellite Boy and The Turning.

The Rocket's child star, Sitthiphon Disamoe, will also face Hollywood heavyweight DiCaprio for the Best Lead Actor prize.

The winners will be announced at a ceremony in Sydney, Australia on 30 January (14).