Positive Discussion on Methods to Mitigate Franking Credit Changes - Individuals (NOT SMSF's), page-19

Hi,
"From 1 July 1998The paid-up value of bonus shares issued is generally not assessed as a dividend unless you have the choice of being paid a dividend or of being issued shares and you chose to be issued with shares.Bonus shares may also be assessed as a dividend where:the bonus shares are being substituted for a dividend to give a tax advantage, orthe company directs bonus shares to some shareholders and dividends to others to give them a tax benefit"
From ATO site.
So, I think the answer to your question is no.
https://www.ato.gov.au/general/capital-gains-tax/shares,-units-and-similar-investments/bonus-shares/

cheers