Try to find the spot where the photographer was standing.
If that is the correct date at bottom right, August 1 1924, then a quick search of Trove produced this shipping arrival notice in the Sydney Morning Herald for Wharf 7 at Wooloomooloo -
I wonder if that is the foremast of the RMS Orsova (Orient Line 1909-1936)? Another photo of the ship and a brief interesting history - www.mitchellfamilyonline.co.uk/showmedia.php?mediaID=261 .
[http://www.flickr.com/photos/beachcomberaustralia] I think you're right about that date being 1/8/1924. I've replaced this with a larger version and it is much clearer.