The tallest plant on the Baw Baw plateau is the Snow Gum, but it is still an open forest - lots of herbs and shrubs grow right up to the trunks of the trees.
As the name 'nanus' suggests, the plant is tiny, but the fruit looks exactly the same as those I am used to seeing on its big cousin the Cherry Ballart Exocarpus cupressiformis. The succulent red pedicel looks like fruit, and the nut sits on top of it. 'Exocarpus' means 'outside fruit'. Cherry Ballart is semi-parasitic but I don't know about the Alpine Ballart.