No, Wolf Creek is not based on a true story. Although there are a few cases which are similar to the events depicted in Wolf Creek, the writer/director did not know about them until AFTER he wrote the screenplay.
When he learned about the real life cases, he edited the screenplay slightly so that it would resemble the real cases a bit more. But it was written as a completely fictional story.
When the movie was released, it was tagged as "based on a true story," but this is a lie. Lots of movies claim to be based on true stories when they're not, such as Fargo, The Texas Chainsaw Massacre, Rose Red, Hostel, The Strangers, The Blair Witch Project, etc., etc.
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The opening credit for The Emerald Forest, makes a claim that the film is based on a true story...
I hope that's good enough to answer you question! (:
Yes it was based on a true story
No its not based on a true story
Yes it is based on a true story
Yes, it is based on a true story.
No, it is not based on a true story.