Not sure where to start looking completely unfamiliar. Spongy texture (similar to lichoperdon) Growing at base of mature possibly dying tree in native bush. No unusual smell
Amanita seems possible here however the annulus is throwing me off.
Cortinarius?
Seems Lactifluus austropiperatus, ID suggested by Samuel Quixley and looks good.
https://inaturalist.ala.org.au/observations/147815337
Location is estimate only as no GPS
Growing in partially disturbed bushland amongst native grasses. Bulbous base. Pileal plane with smooth surface texture. Volva saccate or sheathing? Pileus margin uplifted. Stipe surface squamulose. Regular lamellae. Stipe single edged membranous. No particular scent. 4 (one immature) growing in a 2m radius. Approx 18cm high. (Not able to do a spore print)