@Reed *********
It is. He said two FULL stays meaning if you max out your visa free allowance + get an extension. Depending on the officer, you might already have issues if you merely max out your stay without getting an extension and attempt to do more than 2 entries.
On the other hand, provided you are coming and going, never spending more than a few days or let's say less than 50% of the permitted time on any given visa exempt entry and don't get extensions of stay, then you should be allowed to come and go frequently with no specific limit on the number of entries.
For example, you fly in from Sydney, spend 3 nights in Bangkok then fly to Guangzhou, spending 10 days there then back to Bangkok for 1 night before heading home. You do this again 2 months later, this time re-entering Thailand twice in the space of let's say 3 weeks. That will be allowed without issue.