I have photographed this fungi in wet areas as far afield as south western China to New South Wales. It is a Nectria sp. The genus needs more work as there maybe more than one species. It is a magnificent looking species until it forms the traditional red blob.
If I knew how to attach a photo I can send close ups of it in full splendor and at the point of disintergration.
The largest masses I have seen and photographed measure some 140mm in diameter at the Chong Qing Science university besides the old eastern ponds on the west banks growing on hardwood flotsam. (20:07:2014)
This actually looks like the local myxomycete Tubifera sp, which is recorded very infrequently and is something the professionals are looking for. I am interested in seeing future images of this. The clearish jelly type part at the base is referred to as the hypothalus.
After much research and having recently had another similar one confirmed, I am confident in calling this one Tubifera sp. I will not go to species without microscopic examination.
G'day Teresa I will accept your ID on this one and am grateful for your knowledgeable input. I have changed the name accordingly. Thanks for your posts. I have around 80 photos of fungi from the north coast which I have not yet ID. If we can make contact maybe You could help. andi.hawk@qq.com
No Teresa I am unable to confirm the exact specie as this is not my field. My interest is in their incredible beauty. Native ferns are my strongest point if I had a strong point.