While it is obviously unethical, is advertising alcohol, vaping and gambling to 13-17 year olds illegal in Australia? Asking because I am not sure if Facebook should be making the shots here on what is legal or illegal to advertise. This is best handled through government.
A complaint first has to be raised with Ad Standards, who undertake ethical review on a case-by-case basis.
That is, it is generally illegal to market to those who are underage, but it is not generally illegal to display such advertising in a space where those who are outside of the target audience.
The usual legal process is to review individual ads, and those creating the adverts are the ones who end up in trouble. An entire marketplace (like Facebook) deciding that marketing to minors is okay is untested waters, because each individual advert would normally be ruled illegal so why the hell would the market allow it?
[0] https://www.abac.org.au/wp-content/uploads/2021/03/ABAC-Resp...