It's a sarcastic smart ass comment. Normally said just to be a dick. A lot of the time it can be funny too.
Friend: Yo, we can't chill tonight because my mom is being a cunt.
You: What's new?

Girlfriend: Sorry honey, umm, I forgot the lube.
You : What's new?

Dad: Son, I have to take a Gynormous dump.
You: What's new?
ayon kay joybuz ika-11 ng Hulyo, 2009

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