Nice write up, thanks
Yes it is, its also known as "rust converter".
I use POR15 Metal Ready.
Best place to get POR15 products in Adelaide is from "Paint Supplies SA" on Westlakes Blvd.
Be warned though, the stuff isnt cheap.
POR15 rust preventive paint is around $100/litre. It does go a very long way though, and can be brushed on.