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What can be done is that you can alert all owners to the fact that their money is being wasted.
Somewhere at the back of my mind there's a thought that you will also be taxed on the excess in the sinking fund. Since it's not ussed or allocated to projects that haven't been contracted out, I think the Tax Office considers it a profit and will tax you accordingly.
Don't quote me on that without checking with your strata manager but if it's true, then you'll be hit with a double whammy – an unnecessary special levy and then a tax on the excess.
Get a hold of your strata roll and write to or call every owner personally and tell them (in as unemotive language as possible) what the problem is and why they need to vote against this.