It’s not an excuse for your EC to walk away from the issue when there are no funds available. That’s the purpose of a sinking fund, and too many owners corporations aren’t prepared to put sufficient money aside for future maintenance and replacements. The sinking fund forecast is now a requirement, and should have identified the need for maintaining this equipment. It’s up to your OC to get the funds to carry out the replacement works, if the sinking fund doesn’t contain enough, then there are two options left, a special levy on all owners according to unit entitlement or taking out a strata loan.