Looks like an ironstone concretion. Most likely a tiny ball of mud was rolled along in fine sand and grew and hardened over millions of years.
One of the best places I ever came across for this type of rock is on the Berkly Hwy, straight opposite the Ranken T/O (about 100 km west of Camooweal) Literally tonnes of the stuff and as big as soccer balls, but most is chert and quite pretty. And, a very good campsite just off the road, being an old NT main roads campsite.
It's part of the Berkly Tablelands ribbonstone area
Cheers, Bobj.