The Canberra Liberals say they would commit $5 million to a hydrotherapy pool at a wellness centre in Deakin in partnership with the John James Foundation and MS Australia.
Liberal health spokeswoman Vicki Dunne, who is retiring from the Legislative Assembly at the election, said the party had first held discussions about the project early last year.
"With the closure of the pool at the Canberra Hospital, everyone agrees that there is a great need for this important health service in the south," Mrs Dunne said.
"The great shame is that action has not been taken earlier to get this project underway."
The wellness centre is expected to include integrated services for people with neurological disorders and musculoskeletal conditions.
An ageing hydrotherapy pool at the Canberra Hospital was closed earlier this year after a two-year battle to keep the facility open ended when an alternative facility in Kambah was found.
Liberal member for Murrumbidgee Giulia Jones said hydrotherapy was an important preventative health service to provide to the Canberra community.
"The health benefits of hydrotherapy are clear, not only for patients but also for the substantial savings it can bring to the health system," Mrs Jones said in a statement released by the Liberal party.
"This is an important preventative health intervention that improves the mobility and comfort for so many people, especially the elderly.
"People suffering chronic arthritis, muscular or skeletal pain or recovering from injury have been left in the lurch with few alternative solutions since the Canberra Hospital pool closed."
The Liberals have long campaigned for a new hydrotherapy pool in Canberra's south, repeatedly calling on the government to build a new facility.
Health Minister Rachel Stephen-Smith had promised the new pool at Stromlo would have capacity to offer hydrotherapy services, but it was subsequently found the pool was not heated to the correct temperature.
Liberal leader Alistair Coe said his party was committed to providing Canberrans with access to nation-leading local health services.