I suspect this gorgeous little fungus might be a Leucocoprinus birnbaumii. They resemble Coprinus though have white spores, whereas the Coprinus have a blackish spore print. They have an annulus (ring) on the stipe (stem). This often becomes detached with age. Lovely photo.
Some previous comments appear to have disappeared but I do agree with Pam on this one. In fact we came across a large group of these by road works along the Princes Highway at a similar time to this sighting.