Devil's Stinkhorn fungus, Lysurus mokusin, 70mm tall (3 inches), suburban garden, Australia.
Belonging to an interesting family of fungi that appear overnight out of the soil, live and die within a day or so. They hatch out of egg like structures below or at soil level and the spores are contained in a slime substance on the lantern tip. The slime exudes a strong smell hence the common name Stinkhorn. Flies and other insects are attracted to the smell and help disperse the spores. Lysurus mokusin is non-toxic and some say it is edible!