I too puzzled over this for longer than I feel comfortable admitting, but if the formation is indeed younger than previously thought, then the author has the old and new ranges reversed. As the dates are given, the formation is now older than previously thought.
Edit:
I don't think the study itself ever mentions either age range, but the lead author, Stephen Gallagher, did say this in the University of Melbourne media release: "Early preliminary research indicated the ancient limestone layers ranged between 7 to 15 million years old, but we discovered microscopic fossils that more accurately dated the layers as 8.6 to 14 million years old,"
Source: University of Melbourne media release
So the formation is now believed to be younger, and the typo was in the original estimate of the age range.