I agree the absence of terminal dorsal glands rules out Lymantriinae, and the absence of hairs hanging over the legs rules out Lasiocampidae, so its size puts it in Arctiinae. I agree the length and pattern of hairs rules out Arctiini and Ctenuchini. But it is a leap of faith, with only photos of the larvae of 20 out of the 215 named Australian species in Lithosiini, to say it is one of those 20. But those 20 are the Lithosiini species most commonly encountered in latitudes -30 to -40 in Eastern Australia. So Ok I will agree with this ID.