Aseröe rubra Labill.
This fungus, fairly common in Australia and New Zealand, was the first Australian fungus to be formally described. It has been sighted in South Africa and is found on some Pacific islands. It exists in North America as well, and is the most common stinkhorn in Hawaii.
Identification: I don’t think there is anything that looks remotely like this fungus. But if you are uncertain about it, take a whiff. If it smells like rotting meat, you have a match. It uses this odor to attract flies, which distribute its spores. More photos are available from MushroomExpert.com.
Aseröe rubra on the Hidden Forest
Aseröe rubra on Michael Kuo's MushroomExpert.com
Aseröe rubra on Wikipedia
Aseröe rubra on australianfungi.blogspot.com
Aseröe rubra on RogersMushrooms.com
Aseröe rubra on www.morelmushroomhunting.com
Aseröe rubra at the University of British Columbia Botanical Garden Center for Plant Research
Aseröe rubra description by Thomas H. Kent, last updated 16 Aug 2013.