What is this strap/bar on Aussie K-member?

cudamark said

So, the A/C is double belted and runs the alternator, and the water pump is single belt and uses that huge idler?

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Correct, except that "huge idler" is simply a placeholder for a P/S pump, as (I assume) the Aussies wanted to simplify parts content and use one belt/part number for both P/S and non-P/S cars.