No, this will not happen until they have secured the strategic First Island Chain (South and East China Seas) for their push into the Pacific. In order to do this, they need to conquer Taiwan first. Watch for a Chinese invasion of Taiwan by end of the year. China has announced it will launch a massive "exercise" to practice amphibious invasion capabilities in August time-frame.

In future years, would China try to take Australia? Anything is possible. Right now, they want Taiwan a whole lot more though, and its too close to the mainland not to try.