Your specimen is Argonemertes hilli, a terrestrial nemertean. The orange organ that was protruded is its proboscis. The species range extends from around central NSW into SE Queensland.
The rounded head end immediately suggests a nemertean, and on enlarging the image the patches of multiple eyes can be seen. When it comes to colour and pattern, the species is quite variable. The pinkish-brown colouration seen here is normal. If gently provoked, the nemertean may rapidly evert its long white proboscis which, when attached to the substratum, pulls the body to it - an escape reaction.
