I thought this might be Dichostereum rhodosporum based on description and notes in A Field Guide to Australian Fungi by Bruce A. Fuhrer. The description mentions the fungus forming the droplets, although there are no photos like this in any of my books. I have seen this fungus with the droplets fairly frequently on the underside of wood, particularly burnt wood.
There are a number of genera of white, sheet-like fungi (or corticioid fungi to be technical) that turn up on the underside of wood. When well-developed Dichostereum rhodosporum shows as a smooth sheet, robust and thickish for a corticioid fungus. Your photo shows a wispy structure. You could argue that this is simply the early stage and that is a valid point. However, even when I've seen quite small patches of Dichostereum rhodosporum I've seen more solidity than this. Sometimes a wispy growth turns out to be no more than sterile mycelium (the vegetative and feeding part of a fungus) and I have come across weeping mycelia on wood. However, this doesn't seem wispy enough to immediately label it as sterile and if I came across this I'd (1) wonder if I had some Athelia-like genus and (2) therefore want to check it under the microscope. Of course, that could still lead to step (3) throw it out and grumble because it was just in fact a sterile mycelium. I'll think a bit about this but I suspect that getting even to genus would be a microscope job.