Former Australian Masters champion Nick Cullen (72) and veteran Richard Green (68) are also at four under and four off the pace.
Spieth, though, faces an uphill battle retaining the Stonehaven Cup after failing to make any inroads on the leaders. His second-round 71 leaves the world No2 and three-time major winner at one under and eight shots adrift of Herbert.
While Day is undoubtedly in the box seat heading into the weekend, Herbert, who famously slept in the Carnarvon Golf Club car park during Open qualifying three years ago then led after the first round last year at Royal Sydney, collected six birdies before dropping his only shot of the day at the last.
Having sharpened his shorter game this year, Herbert believes lessons from last year's Open, when he faded to finish tied 20th, will be a big help when he duels with Day on Saturday in the final group.
"I think more mentally than anything because, by Sunday afternoon, I was wrecked," Herbert said of how he was better prepared to go on with the job this time around.
"It takes so much out of you to be [around the lead]."