Video footage of vandals cutting the head from the statue has been shared on social media.
The video also shows a group covering the entire monument in red paint before spraypainting the words “the colony will fall”.
The Captain Cook sculpture was sawn off at the ankles and left on the ground with a noose around his neck, while the Queen Victoria monument was splattered with red paint.
Police are investigating the incident and urge anyone with information to contact Crime Stoppers on 1800 333 000.
