Fungimap supplies the following information. "Septobasidium clelandii is a parasitic fungus that can be found emerging from swellings on Tea-tree twigs. However it is not parasitic on the Tea-tree, but on the female of a coccid bug (Callococcus leptospermi) that forms galls on several species of Leptospermum. It also parasitises another coccid that inhabits Mealeuca decussata. The fruiting bodies look like tiny dark blades. "
This specimen has a shorter, fertile black top than you usually see. The combination of the black top and the little bit of khaki/olive stem that you see close to the ground point me to the species.