The ATSB report places the "two, almost coincident, 'loud bangs'" at the same time as the activation of the "turbine overheat parameter" at 0201:08.
I see where you get this from but bear in mind that there is no CVR at this time so loud bangs cannot be placed on the timeline. Yes the overheat parameter is timed but "at the same time" is vague in the context of the report and does not necessarily refer to the bangs, I would say.