In what is shaping up to be a better year than last year, Australians have been recognised in seven categories at the 83rd Academy Awards.

Local talent picked up nods in both acting and technical groupings when the nominations were released yesterday.

The King's Speech leads the Oscars pool. The film, produced by Sydney-based Emile Sherman,  has received 12 nods, including one for Best Picture.

Geoffrey Rush is a favourite for Best Supporting Actor for his role as eccentric speech therapist, Lionel Logue.

In the Best Supporting Actress category, long time favourite Jacki Weaver (Animal Kingdom) is up against Amy Adams (The Fighter), Helena Bonham Carter (The King's Speech), Melissa Leo (The Fighter) and 14-year-old newcomer Hailee Steinfeld (True Grit).

Nicole Kidman (Rabbit Hole) will contend for Best Actress against favourite Natalie Portman (Black Swan).

Shaun Tan and Andrew Ruhemann's The Lost Thing has been nominated for Best Short Animated Film. Based on the picture book of the same name,  the film – which won an IF Award – is about a boy who discovers a bizarre-looking creature while out collecting bottle-tops at a beach.

Victorian born Ben Snow (Iron Man 2) and Sydney boy Kirk Baxter (The Social Network) have been recognised for Visual Effects and Editing respectively.

The 83rd Academy Awards will be held on February 27 and will be hosted by Anne Hathaway and James Franco.

For a full list of nominees, click here

For more on The Lost Thing, check out the next issue of INSIDEFILM.

Got any predictions for this year's Oscars? Are Aussies in for a chance?