Pleurotopsis longinqua

a wood-rotting fungus common in wet forest on fallen or more often, standing, rotting branches and twigs in Australia, NZ, South America and Western USA. Native to Australia, not introduced. Cap translucent white to pinkish-brown shades, slimy, kidney-shaped, to 60 mm wide, with a jelly-like layer under the skin. Gills close, white to pale yellow-cream, pinker with age; decurrent, running slightly down the stubby lateral stem; spore print white. Stem stubby (5mm long), same colour as gills, joined to substrate by a pad of white mycelium.

source: http://www.elfram.com/fungi/fungi_p/pleulong_a.html