No. The title of “most poisonous grub” belongs to the larva of the Brazilian wandering spider (Phoneutria nigriventer), found in the tropical rainforests of South America. Its venom is extraordinarily potent—even minute amounts can cause severe pain, muscle paralysis, and potentially death.
While Australia is famous for its venomous creatures (spiders, snakes, jellyfish), this particular record holder is not among them.