2 subspecies, only the nominate subspecies in Victoria. See E. phenax subsp. phenax profile for description.
Eucalyptus phenax subsp. compressa D.Nicolle occurs on Kangaroo Island and the Fleurieu Peninsula, and is distinguished by the narrower leaves, shorter peduncules but longer pedicels, and more crowded, slender fruits.
Source:
Brooker, M.I.H.; Slee, A.V. (1996). Eucalyptus. In: Walsh, N.G.; Entwisle, T.J., Flora of Victoria Vol. 3, Dicotyledons Winteraceae to Myrtaceae, pp. 946–1009. Inkata Press, Melbourne.