If I host my own website in the United States and post writing which is non-protected speech in Australia, might I be required to block Australian IP addresses from accessing it, or even to remove it altogether? Even though I don't have any Australian presence, my content is available in Australia, which might meet a standard for offering a service in Australia. I know this is not what this ruling is about, but it does bring reality closer to my hypothetical.
Secondly, why should local laws be enforcable globally? Should Australia really be able to globally forbid speech which is prohibited in Australia? Facebook's initial response was to follow Australian rules in Australia, and geoblock the contested posts. According to this ruling, this is insufficient, and Facebook is required to block these posts, and "equivalent" content, globally.
edit: I did indeed misread "Austria" as "Australia" throughout the entire article