In the yellow area the fungus is producing yellow, asexual spores. The same fungus is also producing colourless asexual spores in the white areas. The host is a small, brown-capped bolete (cap 2.5 cm in diameter) that was growing from a soil bank and the second photo shows the initial view before I turned the bolete over.
A similar looking mould is very common in Woodlands Historic Park near Melbourne. There it occurs on only ones species of Bolete which has a brown top and whitish pores and is found near Red Gums or Grey Box. It is actually one of the most common fungi seen around trees in some years and pretty much always gets infected with the mould (after which is a bit harder to recognize). I would be surprised if the same species does not occur near Canberra although there are no sightings of it. It is usually quite large, not sure I have ever seen one as small as 2.5cm. 5 to 10cm is most common.
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