Yes, it is. The film is based on a book of the same name, written by an Australian woman named Robyn Davidson. The book describes Davidson's journey, in 1977, across the most remote parts of Australia, using camels to travel through the desert in a journey that took over nine months.
Davidson was in her 20s when, with a photographer, four camels and a dog, she set off from Alice Springs. She only worked with the photographer, Rick Smolan, at certain points in the journey though; most of the time she and her animals travelled alone. She only decided to write about her experiences later, and it has taken many years for a film to be made although several directors have shown interest in the past. The film stars Mia Wasikowska. So far it has had very good reviews and shows signs of being a hit. You can learn more here.