Nineteen years ago I got a very good Kodakchrome slide of some bright red fungi on a tree in the damp forest near Lake Dobson. I wondered if I could find some more. I did, and I suspect it's on the same tree as then. I'll be trying to compare the photos. Here they are anyway, this stuff is quite dramatic.
Now this appears to be Aurantiporus pulcherrimus, the Strawberry Bracket Fungus. It often grows on the myrtle, Nothofagus cunninghamii, as it was here. It also sometimes grows on snow gums. It grows on either dead or living trees.