This looks like var. tricolor to me. Both varieties are listed as subsp. albicans in 'Flowers of the ACT and Region' but I think there was a change to varieties and now there could be a change to subspecies.
Thanks for pointing this out - I had a good search and it looks like L. albicans var. albicans has yellow inner bracts so this should be L. albicans var. tricolour as the bracts are white (although there is a touch of yellow underneath). Lovely flower anyway. If anyone has any further comment/advice/updates, please post it.
At the time I wrote 'Flowers of the ACT and Region' the white variety was Leucochrysum albicans subsp. albicans var. tricolor and the yellow variety was Leucochrysum albicans subsp. albicans var. albicans. When it was determined that Leucochrysum albicans subsp. alpinum was to become the species Leucochrysum alpinum, it was also decided that the two remaining varieties in Leucochrysum albicans should become subspecies. I have a fairly up to date Index to the book which includes all the nomenclature changes. If anyone wants a copy, they can contact me by clicking on my CNM name.