Neptunes necklace (Hormosira banksii)
Greenish brown-algae made of strings of hollow, water-filled, round beads on a short stalk. Each bead has a smooth surface except for an even array of tiny tubercules (containing reproductive cells) and is about 12-15mm diameter. The strings might be up to 200mm long and many strings many grow from a single base.
These were growing in a small nature reserve.
Also called sea grapes... they sure are fun to tread on when found washed up on the beach.

"Hormosira banksii" is a species of seaweed found in Australia and New Zealand. It is commonly found in rock pools at mid-tide levels and is characterised by strings of olive-brown hollow beads. The beads have a slimy layer which conserves moisture. They also contain gas, allowing them to rise to the surface of the water, obtaining more sunlight and moving with the flow of the current. Each bead is filled with water that prevents desiccation between tides.