No, there's a $400 fee payable up front for processing the carnet. You can then either pay an insurance premium, organise a bank guarantee, or "lend" them the maximum amount payable depending on which countries you are going through. For example, India is 400% of the value of your bike.
My bike was "valued"at $15000 so it cost me about $1100 for my insurance premium. Sometimes it can be cheaper to organise a bank guarantee.
I hope this helps. Your local NRMA office can easily let you know what your costs will be.
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