Yes this is correct! You can do this via Temporary Graduate visa (subclass 485). This visa offers 2 streams you can take advantage of:
Graduate Work stream – you’ll be eligible if you graduate with skills and qualifications that relate to an occupation on this Skilled Occupation List (SOL). This is the one that is granted for 18 months.
The other; Post-Study Work stream can last between 2 to 4 years!