It's the other way round – the Owners Corporation is required by law to raise levies to a whatever is required to pay the building's bills. But it's not the EC that does this – it's the owners (like you) at an AGM and that's the place to go and ask questions about levies for the coming year.
It's not unusual, however, for brand new apartments to be sold on the basis of unrealistically low levies – a scandal that government really should do something about.