Further to JT’s comment ….. If the Tenant is given a rent reduction by the Owner for common property balcony repairs then the Owner should be able to claim this deduction from the OC’s insurance.
The owners corporation is responsible to repair the damage to the building, and pay compensation, no matter that it is not at fault.
“In the NSW Court of Appeal decision of The Owners SP 35042 v Seiwa Australia Pty Ltd [2007], the owners corporation was ordered to pay the landlord $150,000 as compensation for loss of rent for 30 months until the repairs were completed. The premises were a top floor penthouse in North Sydney with a roof top terrace. It was vacant because it was not habitable until repairs to the membrane and the steel railings around the roof top terrace were completed.” (Extract from https://www.propertyinvestmentlawyer.com.au/renting_part6_Strata%20Renting.htm)