They germinate very readily. I bought enough seed for an entire country for like $6 about 5 years ago. I've donated a ton of seed to others and I plant a small pinch every year to see if germination falls off. I haven't planted my pinch this year yet, but last season's pinch germinated dozens still!
They are friggin' tiny seeds! And some sources say they need light to germinate...but they are so tiny they are easy to bury deep

I sow mine on straight NAPA 8822. Wet the NAPA well, then sprinkle across the top. Tap them off the back of a small spoon or even a flat ended toothpick onto the wet NAPA. Cover so the top of the NAPA doesn't dry out. I usually fine mist mine every 2-3 days to keep the top moist.
I've followed this basic technique with half a dozen different eucalyptus species and it has worked really well on all of them so far.
Did you bury the seeds? Or sow them in a fine substrate where watering may have washed them deep? If so, I worry that your "one" is maybe not a euc but a random volunteer

It's possible you got a bad batch but even my older seed stored in a kitchen cabinet germinates very readily after several years of storage. Baby RE are tiny...they can be difficult to see early on...especially if there is algae (I keep the substrate wet enough during germination that algae grows readily here). If they are getting adequate light, new leaves will be reddish near the stem blending to green further out but this may not be easy to see until they are a few weeks old.