This is a tricky because, as a tenant, you are one step removed from being able to do anything – but that doesn’t mean you should do nothing.
Firstly, it sounds like this building was built badly to begin with but a lot of your problems could be related to simple noise insulation issues. If the pipes aren’t properly insulated then you are going to hear noise right through the building. The same applies to sound insulation between floors and walls. How easy that is to fix is impossible to tell until the building is properly inspected.
If I were an owner in this building I would be pressuring the Owners Corporation to do something about the noise insulation on the grounds that strata living has changed since this building was put up and people have higher expectations of the livability of places they buy and rent. In 1963 there were no surround sound TVs and people didn’t have their stereos blasting when they were taking power showers. For a lot of people this was the first time they’d had an inside toilet. Improving the sound insulation of the whole block would pay back immediately in the value of the properties.
Back to you as a tenant – you can ask the owner to initiate the discussion with the EC or you could even ask them just to treat your apartment for better insulation. There are a couple of special sound-absorbing wall and ceiling panels on the market that are remarkably effective (and not too expensive to install). Again, beter insulation will increase the value of the apartment.
But, as far as forcing them to do anything, unless the rental advertisement said the apartment was quiet, I don’t think Fair Trading will either force the landlord to do anything or even support a claim for a reduction in rent. You could try but I think you might have more chance of success by keeping the owner onside.