Two men have been charged following the alleged malicious damage to Sydney’s Anzac Memorial earlier this week.

On Thursday, around noon, witnesses reportedly observed two men applying an unidentified oil-based substance to the walls and steps of the Anzac Memorial in Hyde Park.

The men, both aged 61, have been accused of intentionally damaging or defacing a protected site and causing destruction or damage valued between $2000 and $5000.

One man was allegedly spotted spraying substance onto the eastern walls and northern steps of the Memorial.

The other allegedly sprayed a substance on the southern steps

The two left together shortly after.

At about 5.45pm yesterday, the men attended Auburn Police Station, where they were arrested.

Both men were denied bail and will face court today.