Noting I am not familiar with WA strata regulation, but as a general proposition the answer to your question is no.
If the balconies are defective, then the owners have an obligation to fix them, and that is why they are proposing a special levy. The fact that it may be a burden on one or more owners, unreasonable or otherwise, is not relevant. If you know the balconies are defective then you have to fix them. If you don’t then that can have flow-on consequences for things such as insurance.
However there may be ways the owners can make it less painful – things you may consider are taking out a strata loan, or structuring the special levy to be paid over time (which it looks like what is proposed), depending on when payment has to be made to the contractors carrying out the work. Or you could borrow the money to pay the levy.