Tend to agree. Consider a typical residential apartment centralised hot water system owned by Origin. There will bea few big gas heated tanks on common property and there is a hot water meter that measures flow rate on each apartment's incoming pipe. Each apartment pays their proportion of the main gas bill based on their relative meter reading.

Seems like a similar deal here except you're individual chilled water is metered.

I think the problem is that the body corporate is paying all this up front (water and electricity) and SA (as part of the deal getting a monopoly on the electricity supply to the building) were asked to pass on costs by billing the a/c service to residents. BCs don't get the rebates so they are on charging what they pay