I've been on the phone to LG today. Before that I called the ACCC and explained my situation. They said that I was entitled by law to either a full replacement or a full refund. Armed with this information I rang LG and demanded that they resolve my issue immediately and told them if they weren't able to I would be taking the matter to the Office of Fair Trading. After two hours on the phone and speaking to three different people, I was informed that they have agreed to ship a replacement unit out. I should expect it to be installed by January 2008. My original service call to them was on 25th July 2007 - the middle of winter - so it's been five months almost to the day that a huge world-wide company has failed to repair my air conditioner.
They have now agreed to send a replacement unit. They told me not to expect it to be installed until next year as Christmas is upon us.