Well, from one perspective it is already updated. It's been updated at the source, and the update is ready to apply to your server.
I agree it's clumsy, but it does parse.
"Newer version available" Says the same thing, but wordier. Space is at a premium on that page, so I don't know what is better.
I guess the question is, did it make you aware there was an update that needed to be applied?