Check CASR Part 61 to satisfy yourself of the situation of course, but licences are perpetual once you've been issued them so what you said is right - with a medical you should be able to do a couple of flights (or however many you need) to get current again and then do a flight review to recommence using the privileges of your licence.
I'll just have a quick look myself to confirm, but I think you will also need a current ASIC or AVID, the old security clearance that we all know and love.