The council has warned the Milsons Point pool needs urgent remedial works and could be closed unless state and federal governments helped fundthe $57.9 million redevelopment.
Treasurer Josh Frydenberg spruiked the funding boost when he visited the pool with sitting North Shore federal MP Trent Zimmerman during a campaign trip on Tuesday afternoon.
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"This is an iconic part of Sydney,"Mr Frydenberg said."I think this pool is architecturally splendid."
"You're not going to get a more spectacular setting in Australia than this spot,under the watchful eye of the Sydney Harbour Bridge.
"It's only fitting,given it's in a state of disrepair and it's just a function of its age,that this old lady can be made beautiful again."
The council last month lodged plans to redevelop the pool in the federal seat of North Sydney - an electorate the Coalition comfortably holds on a 13.6 per cent margin.