This is an edited and abridged transcript of a speech followed by a question and answer session given by Minister for Industry and Science Ed Husic at The Australian Financial Review AI Summit.

Ed Husic: To be blunt, we do have a challenge to confront. We have got to urgently review the tools, the machinery, that supports our industry base if we want to achieve our ambitions. And today the retirement of manufacturing assets in Australia outpaces the investment required to replenish it, the capital stock diminishing by $190 million over 10 years.