Looks like a North-East passing loop of some sort as the diverging track is the platform road... It's not Euroa, as there would be a bridge where the bracket and disc is. It's not Baddaginnie (platform's on the wrong side).
I'll start with Longwood? (There's about three I could guess...)
I'm still convinced that's the North-East...
I'll try the next site along - Chiltern?
It's obsucre enough to be something DavidB would use... Guess changed from Creighton as the position of Creightons Creek Rd (presuming that down trains run right) precludes it
Location: Oooh, look! [Pointing upwards] An eagle!!
I'm with Chris B on this, I reckon it's Ballan too...
Actually, I'm going to be more specific.
Up end of Ballan in the 1970s or '80s ('cos the old loco sidings were situated between the platform end and the Up Departure sticks and they went in the mid 60's IIRC).