Unless you have a particularly strong interest in old waterworks/ pumps you should not go out of your way to see the little that remains of the old Gundagai Waterworks as something to do in itself.
I do however recommend you visit the southern end of the Prince Alfred Road Bridge for a great view of the bridge (picture 4). I also recommend a look at the cairn marking the point where explorer, Charles Sturt, crossed the Murrumbidgee River in 1829. The Sturt Cairn is in the caravan park just below what remains of the former waterworks while the bridge is just across the road. Watch out for traffic on the 90 degree bend in the road at this point.
The two pumps you see today are at the top of a well which was hand-dug in 1907. While there was a side shaft to draw water from the Murrumbidgee River I am not sure why sufficient water for what is, and was, a relatively small town could not have all come from the river itself. That said, in times of drought a river supply may not have been reliable.
The well’s original two steam driven pumps were replaced by electric pumps in the 1930s and again a couple more times before the Waterworks was taken out of service in 1991, after the construction of a new facility on the southern bank of the river.
The 1907 Waterworks cost 7,000 pound $12,000. Its replacement in 1991 cost $3,000,000.
Do have a look at the old pumps if you are in the vicinity.
Address: Middleton Drive