Steering Rack leaks from equalization hose

I slid under my '80 model to have a look at my escalating power steering leak and found the leak isn't coming from either of the boots as i expected, but from one end of the equalization hose that has popped out of the rack housing. The hose ends seem to be press fit and i will need to drop the rack to replace the hose or even press the hose back in. (see attached picture to help explain) My questions are:
Is this indicative of an internal leak within the rack?
Is it indicative of a 37 year old plastic hose?
Is this a common failure?
Do I just refit or replace the hose?
Do I get the rack rebuilt anyway ($1000+ to have it done here in Australia)?
Any help would be appreciated...