Debt bill up by $80b as budget surplus hopes fade; 40 years since A$ float

The ballooning cost of debt will push the federal government's borrowing costs up by an extra $80 billion over the next decade. That's the one of the big reality checks as Treasurer Jim Chalmers prepares to unveil the midyear fiscal and economic outlook on Wednesday. Dr Chalmers also appears to be backing away from earlier rosy predictions that he'll deliver a budget surplus for the current year. Also it's now 40 years since the Australian dollar was floated on foreign exchange markets - 12 December 1983. Reporter: Peter Ryan, Senior Business Correspondent