Yes you can take action against the OC and s 62 of the act sums it up nicely
62 What are the duties of an owners corporation to maintain and repair
property?
(1) An owners corporation must properly maintain and keep in a state of
good and serviceable repair the common property and any personal
property vested in the owners corporation.
The disadvantage of going to NCAT is that the adjudicator might rule that the levy must be raised immediately whereas if the OC can compromise it can be done over x months.