Yes. You can reserve a company name by lodging a Form 410A – Application for Reservation of a Name - directly with ASIC. You can download it here.
There is a $48 fee attached to this service (from 1 July, 2017).
Once ASIC has approved your application, they will send out written confirmation. Name reservations are valid for 2 months from the date of approval.
It is possible to extend the reservation by lodging a new request and fee. Generally ASIC will only allow two extensions unless there are proven extenuating circumstances.