Hogan, who promoted Australia with the famous "shrimp on the barbie" ads in the 1980s, said the new ads should focus on Australia's friendly and laid-back people.
The 'Crocodile Dundee' star said about the campaign: "I'm not crazy about it.
"If I go to your house for a visit and I want to come back, it's because I enjoyed your company, not your furniture."
Tourism Australia released the new ads, which were created by Australian film director Baz Luhrmann, earlier this month.
The two ads take their cue from Luhrmann's forthcoming blockbuster 'Australia', which stars Nicole Kidman and Hugh Jackman, and is to be released worldwide this December.
The ads focus on the country as a place to get away from the stresses of modern life.
They feature stressed-out city-dwelling couples who are encouraged to "go walkabout". The couples travel to Australia and find adventure and romance, which puts their lives back on track.
Roger March, a marketing expert at the Australian School of business, has also criticised the ads, saying that the portrayal of urban couples without children was a "high-risk strategy" because it would not resonate with other potential visitors.
He said: "The target market is now very narrow -- stressed-out urban couples without children. Can we expect singles, families, seniors and other segments to relate and respond positively to these ads? And what of people who do not live in cities?"
However, Nick Baker, Tourism Australia's marketing director, said he lacked the budget to make ads to target every type of traveller and the ads sold an emotional connection that would be recognised by all.
Baker said the print ads accompanying the Luhrmann spots feature singles and older people.
The campaign will run in all of Tourism Australia's 22 major markets around the world from now until mid-2009.
Tourism Australia is investing around $40m in the ad campaign and around $10m on promotional opportunities around the 'Australia' movie when it is released later this year.