Yes, a number species in Noctuidae have brown striped naked larvae like that. I hope you can rear it in captivity to get an adult moth for identification.
I agree it looks like photos of the larva of M. convecta, but I also think it might be an instar of Proteuxoa sanguinipuncta or Spodoptera exempta or Dasygaster padockina, or any of the other 417 named Australian Noctuidae species for which we have no photos of the larvae.
@donhe - Will do my best with daily observation and have a decent camera ready. Got a lot more free time on the hands as other commitments are done for. Not overly confident in capturing any outcomes, but happy to deal in hope and at least try.
They typically emerge in the night. It will have flown away by the time you get there. How can you possibly photograph it unless you have it in captivity?