From appearance only, I have tentatively identified this tiny Birds Nest Fungi as Nidula emodensis. Birds Nest Fungi are cup-like structures that break open to reveal tiny packages called peridioles that contain reproductive spores. Drops of rain land in the 'nest', displacing the peridioles. My Fungi Blog entry #3 Cyathus stercoreus describes this facinating process in more detail providing links to more information.
I have been unable to find much information on Nidula emodensis in addition to my observations, but will add to this entry if I do.
Nidula emodensis with tiny brown peridioles
The fungi were up to 6mm in diameter, with cream 'shaggy' exterior and smooth, ungrooved pale orange-brown interior. A juvenile fungus in images 1 and 3 appears to be shedding an orange-brown 'cap'. The smooth brown peridioles were less than 1mm in size, and the three specimens were growing on a dead twig.
My sightings of Nidula emodensis
[This will be updated with more sightings]
New England National Park, NSW - In alpine woodland on a dead twig - May 07.
A young specimen shedding its cap, an empty fungus, and a fungus containing smooth brown peridioles (spore-bearing capsules)