Vandals have been caught red-handed after climbing onto the WWI Cenotaph in Sydney's Martin Place and inappropriately posing with the statue.
The CCTV video shows the five men clambering over the monument, with one shown sitting on the shoulders of the statue.
Police have described the incident as "an act of stupidity" and "extremely disrespectful".
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"Not only have they damaged the Cenotaph, they have climbed on top it, they have been totally and utterly disrespectful," Acting Commander Paul Dunstan said.
NSW Premier Gladys Berejiklian also expressed her disappointment, describing the incident as "personally hurtful" while announcing a new training program for war veterans.
"I think it's really hurtful that a small number of Australians don't appreciate the sacrifices many Australians made for our freedom," she said.
"That's what hurts me the most, that some people don't understand our history."
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Police began an investigation into the incident after being notified of damage to the bayonet on a statue.
Police have asked the public to come forward if they recognise the five males seen in the CCTV video.
They are described as being of Caucasian appearance and aged around 18 to 20.
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The man who allegedly damaged the statue is wearing a dark shirt with red lettering on the back, over a long-sleeved white shirt, with long dark pants and dark shoes.
He has light brown hair.
Police have said it is a "matter of time" before the suspects are identified and arrested.
"We have high-quality CCTV of these males committing this offence and we ask those males to come forward," Acting Commander Dunstan said.
Police are pursuing a range of offences including specific charges that relate to damaging a war memorial.
