Pictures of the adult male & female at http://caterpillar.ento.csiro.au/galler ... semiaurata .
The caterpillar is much more interesting!
BTW, that part about "pair of eye spots which can open and close" is completely consistent with being spiracles. Each spiracle comes equipped with a simple but effective set of muscles for changing the shape from clamped shut in a very elongated shape, to opened into a more broad oval.
Earlier images, not yet re-categorized. All subject types. Not for new images.