Fungi

I think Clive's got this one nailed; the Australian rhubarb bolete is found near eucalyptus, has no ring or volva, and has a bright red cap and stem and the cap has yellow flesh. The spore print is brown. This must be a young one as the stem usually discolors to yellow near the cap and the cap itself begins to crack in age.

What a lovely surreal mushroom!

I am almost 100% sure this is a member of the Bolete family. Not sure of the species that grow in your area but it might be of some help for you to find out.