No. While the holdout of Bataan and Corregidor(not guerillas but organized formations of the US and Philippine armies) did force Japan to commit more resources then desired, at the same time large landing were taking place well to the South in the East Indies, and towards Singapore. Until May 1942 the Japanese landings and Southern advance ran nearly to the minute from their plans

Any action to invade Australia proper was contentious between the IJN and Army to begin with, as it represented a MAJOR commitment of resources and support formations, for minimal hard gains. Japan was already in possession of the resources they sought upon defeating the allied US, Dutch, British, and Commonwealth forces in the Java Sea in early 1942. And that allowed land and carrier based aircraft to come within range of Darwin and in general contest transit of the seas north of Australia.

Japan was desirous though of completing the conquest of New Guinea, and the large ports of Rabaul and Port Moresby, which combined with the Solomons would allow them to cut the supply and sea lines between the US West Coast and Australia/New Zealand, making it possible to choke off the nation and potentially force terms without having to invade.

So come the first week of May 1942 the Combined Fleet launches Operation MO, with the goal of escorting a landing convoy through the Coral Sea and to take Port Moresby, with 2 large and 1 small Japanese carriers escorting the convoy.

The USN sent Admiral Fletcher with 2 carriers and several cruisers and destroyers to stop the convoy. In the ensuing Battle of the Coral Sea the IJ was forced to turn back and cancel the operation with heavy losses to the air groups and the loss of the light carrier, while the US lost the Lexington and had Yorktown damaged. And before another major Southern operation could be launched it was time to send all fleet units to the Midway Operation in early June where 4 of Japan's 6 fleet carriers would be sunk and severely retard their ability to launch offensive operations. Then several weeks after that the US landing in Guadalcanal in the Solomons would occur beginning the process of pushing back the Japanese perimeter.

A good introductory read is PACIFIC CRUCIBLE: War at Sea in the Pacific, 1941-1942 by Ian W. Toll