Crimson slime mold with some parts like small spheres and other parts like drawn out tufts of matted wool. When I touched it thick clouds of crimson spore came off. The whole patch was about 60mm square. Growing on the under side of a damp eucalyptus log in a local nature reserve. I have seen many slime molds before but not with the woolly fibres.
Unfortunately, the myco-powers that be have decided to change this fungus' name from Clavicorona pyxidata to Artomyces pyxidatus. http://en.wikipedia.org/wiki/Artomyces_pyxidatus