The ACT government says it does not want to permanently close Gibraltar Falls near the ACT's Namadgi National Park, after the second fatality at the popular Canberra swimming hole in one week.
Around 5:25pm on Saturday, police say they responded to reports that the young man had fallen and could not be located.
The 22-year-old man was found unconscious in the water just after 6pm and was unable to be revived.
Authorities including Fire & Rescue, paramedics and a rescue helicopter were sent to the scene and ACT Policing is preparing a report for the coroner.
Last week, the falls were temporarily closed by government officials after a 19-year-old man fell to his death while walking across rocks in front of the falls.
ACT Conservator Flora and Fauna Bren Burkevics said at the time that the falls would remain closed until a "safety review" was completed but it may take several weeks.
"I have attended Gibraltar Falls with rangers from the ACT Parks and Conservation Service to inspect the visitor facilities including warning signs, designated walking tracks, guardrails and viewing platforms and identify opportunities to further strengthen the safety measures that are already in place," he said in a statement following last week's fatality.
“The ACT Parks and Conservation Service advises against swimming or walking in non-designated areas within our parks and reserves.
"Visitors should always follow signage and advice from ACT Parks and Conservation Service staff, and stick to formed walking tracks."
The Parks ACT website says the Gibraltar Falls waterfall and walking tracks are closed until further notice.
Location popular with Instagram users
Gibraltar Falls has become a popular swimming hole for Canberrans over the years despite its official status as the location of a walking trail and viewing platform.
ACT deputy director-general of environment, water and emissions reduction Geoffrey Rutledge said the government wanted people to view the falls, not swim near them.
"The signage is clear that we want people to enjoy the falls, enjoy nature, and the tracks and trails are there to ensure that people, whether they are first-time users or seasoned bushwalkers, they enjoy nature in its elements," he said.
"We don't consider Gibraltar Falls a swimming hole."
Despite the signage, many visitors to Gibraltar Falls take photos in the infinity-style pool just above the 50-metre waterfall drop, which are then plastered all over social media.
A photo of someone who appears to be on the edge of the falls was featured in an advertising campaign for Australia, and it is a suggested location to visit whilst in Canberra in a collaboration between lifestyle publication Broadsheet and Visit Canberra.
Mr Rutledge described what happened to the 22-year-old as a tragic accident and he added ACT Parks continued to have safety precautions in place.
Mr Rutledge said the government did not want to close the Gibraltar Falls site to visitors.
"What we provide is safe trails for people to enjoy our parks and we want people to say on those," he said.