The only update is the (predictable) response from Australian lawmakers and lobbyists.
While this law is idiotic at all levels, I'm secretly hoping that Facebook & Google do implement a complete news blackout for a significant amount of time just so we can see how it affects Australian society.
Another angle people don't seem to be mentioning enough is just how scarily easily a major government effectively banned its citizens from discussing any news online. How hard would it be for them to include Reddit (or HN), for example, in the list of entities that are subject to this law? If they did, this post likely wouldn't be allowed in Australia.