No.
ADSL is ready when iiNet forward your details onto Telstra, who will then provision the line for you.
This may take up to 2-3 weeks (4 weeks tops! Usually 2 weeks is the minimum wait time, but it could be less depending on the case), but if you are lucky, if your line is good and ADSL enabled (with spare ports at your exchange), then you will be able to get it within 10 days or less.
You apply and sign up for an ADSL connection through iiNet (online or one the phone, it does not matter). They collect your details and forward this to Telstra.
Telstra will then (when they feel like it) check and enable your line, if you live within the exchange radius (I believe 2-3km from the exchange). If you have free ports available at the exchange, then it is a simple matter of enabling your line and provisioning it for ADSL.
Tip: do not purchase an ADSL modem before your line has been provisioned. iiNet will send you an email when the line is ready, so that you will be able to connect your ADSL modem to the line and have it working (also, purchase filters and splitters if necessary, there are other threads on this matter, if not, iiNet will sell you the modem and/or necessary filters and equipment if you cannot supply your own).
It is all up to Telstra to provision the line, not iiNet.
Be patient, you had only signed up last week. If you wait for more than 2 weeks, then you might be frustrated. But it is all up to Telstra to do their thing.
Good luck, check your email regularly for any iiNet emails and updates on your sign-up/connection.