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Hello @Bill55
Welcome to the Bunnings Workshop community. It's sensational to have you join us, and thanks for sharing your question about the growth on your Grevilleas.
I was originally thinking that it might be tree resin coming out of the old cut sections. Does it appear to be affecting the health of the tree? How long has the growth persisted? If it continues to grow and starts to affect the tree, I suggest calling in a professional arborist. Perhaps they can identify what's growing on your Grevilleas.
Let me call on our experienced members @Noelle and @mich1972 perhaps they have seen it before and can identify it.
If you need further assistance, please let us know.
Eric
Hi @Bill55
Definitely fungal of some sort. It's "attacking" the nodes as they are potential points of entry/weakness in the trunk. One of those naturally occurring fungi that may flare up when a tree's under stress or the habitat changes. If left untreated the tree beneath each outcrop is likely to decay but there are so many of them that to remove, all of them, cut out the affected wood beneath and then treat each would may weaken the tree considerably. I'd be inclined to just leave them alone and see what happens. Whichever way you go, in my opinion the life of the tree is not going to be long and happy. Sorry.
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