If you just spent 90 days in europe (Spain and Italy) from August Til November
and you try to re-enter Spain or Italy in December again
as an Australian passport holder are you likely to be denied entry?
cheers

did they stamp/scan your passport when you left? if they did then you're on record as having left less than 90 days ago. if they didn't nobody can prove how long you stayed on your first trip.
I guess it also depends on where you are now, and from which country you are intending to enter Spain or Italy. If it's in the Schengen zone, then there probably won't be any checks. If you're coming from outside the zone there could be serious problems with re-entry. While your passport may not have been stamped on exit to a non-Schengen country there is every possibility it was scanned. Do you really need to revisit the Schengen zone?