Absolutely not.

While the Japanese occupation of Guadalcanal was intended to allow for an air umbrella over the Central Pacific,e rapid US response diverted forces intended to be landed in New Guinea for the southward drive on Port Moresby, which was more directly threatening to northern Australia. This southerly advance, down the Kokoda Track, was itself a 'second choice' advance after the clash at the Battle of the Coral Sea forced the abandonment of a planned landing directly at Port Moresby, as well as the defeat of an advance Japanese landing force at Milne Bay.

But Japanese success in early 1942 was itself the source of their problems: they simply didn't have the naval or land power to occupy their territories and meaningfully defend their perimeter (as they found when the US landed at Guadalcanal). The vast area created conflicts between the Japanese Army, focussed as it was on its interminable war in China, and the Navy, whose quest for glory was in part responsible for the drive into the Pacific.

After late 1942, as disaster loomed in the Solomons and in northern New Guinea, Japan's war was a desperate search for resources. Isolated garrisons were abandoned when bypassed, air and naval units deployed to combat areas could not be reinforced or replaced. The samurai tradition and sheer naivete meant the Japanese military and nation completely lacked the transport and logistic back-up to undertake modern industrial war.

Having said all that, there are certainly 'what if' scenarios in which Japan could have been even more successful. The capture of New Guinea would have pushed Allied air power back hundreds of miles, rendering quite safe the bases at Rabaul and Truk, which could have served as magnets for US Naval raiders whose carriers could have been targeted. If Darwin had been occupied, the Japanese could have reinforced a garrison by sea more easily than an Allied army could have been supported through the vast Australian desert.

Overall, the result would have been similar, but Australia was certainly on the brink of panic in 1942.

Sources: Eagle Against the Sun Ronald Spector. Japan's War Edwin Hoyt. 1942 Bob Wurth. Target: Rabaul Bruce Gamble.