The taxpayer-funded trailer for a mock sequel of the 1980s film franchise featured some of Australia's most prominent actors including Russell Crowe, Margot Robbie, Hugh Jackman and the Hemsworth brothers.
Trade Minister Steve Ciobo has dismissed concerns about cultural stereotypes and argued the ad represents value for money, claiming it has been watched by more than 100 million Americans and generated $30 million in free media.
One reason for this is many Americans believed the mock trailer was legitimate, sparking a number of articles speculating about its success.
Mr Ciobo would not say how much it cost to book the prime-time spot — which can sell for up to $US50 million — but said the advertisement was part of a $36 million campaign.
"What matters is the dollar value of the campaign, [which is] $36 million over two years, and we've already got that back in spades," Mr Ciobo said.
It is not known how much the high-profile actors were paid to take part in the 60-second advertisement, although Mr Ciobo said they had agreed to work for their minimum wage.
"It's the ultimate in mate's rates," Tourism Australia's managing director John O'Sullivan said.
No fear of a 'where the bloody hell are you' repeat
Australia has a mixed record when it comes to tourism advertisements, including the ill-fated "where the bloody hell are you?" campaign that relied heavily on Australian stereotypes.
But Mr Ciobo said he was not concerned about relying on the Crocodile Dundee brand to sell Australia to the US, saying more than 100 million Americans had already watched the advertisement.
"What matters in a heavily media-dominated market like America is that you get cut-through," Mr Ciobo said.
"This has been the most talked-about advertisement out of all of the Super Bowl commercials."
Mr O'Sullivan said there was a deliberate strategy to go back to 1980s depictions of Australia.
"What we're trying to do in this campaign is get back to the 'come say g'day' ads that Paul Hogan did in the mid-1980s," he said.
"Showing the parts of Australia that Americans know, our beautiful scenery, our great food and wine, but also introducing the element of friendly Australians and larrikin humour.
"We know that's what resonates with the American consumer."
Dundee ad 'will bring more Americans to Australia'
Mr O'Sullivan said the Super Bowl advertisement allowed the campaign to hit 50 per cent of its target market in "one fell swoop".
"This franchise was so powerful in selling Australia bank in the 1980s … [it] was exactly what we wanted," he said.
Mr O'Sullivan said the agency had a $15 million partnership with NBC studios to produce the advertisement.
Slightly more than 750,000 Americans visited Australia last year, spending $3.7 billion while they were here.
The Federal Government wants this tourism campaign to increase that spend to $6 billion by 2020.
Mr Ciobo said he was confident the media attention generated by the commercial would encourage more Americans to visit Australia.