Visited here on Sunday 18 Feb 2007. Didn't have a swim though. I don't think the pool had been flushed by a decent tide for a while. This site provides the following information:
"Around Wollongong community groups built pools. Coal miners in the Illawarra region were chronically underemployed as the mine owners regulated the output of the mines to control the market. Coledale pool was built by voluntary labour around 1915 including coalminers who used their knowledge of blasting to good effect. At this time locals were also building Schools of Arts, forming sports and literary societies and workers clubs. This was a time of great hope and energy as Australians began to take pride in their lifestyle."