Analysis: Scott Morrison was forced to admit he doesn't know the cost of a loaf of bread, a tank of fuel or a rapid antigen test.

It begs the question if the leader of the nation doesn't know the cost of living, how can he improve it?

The Prime Minister was peppered with difficult questions during his first major speech of the election year at the National Press Club.

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When asked if he's lost touch with everyday Australians facing higher fuel costs, a housing affordability crisis, and an increase in their grocery bills, he responded with this:

"I'm not going to pretend to you that I go out each day and I buy a loaf of bread and a litre of milk," Mr Morrison told the National Press Club.

"But the point is I do my job every day to ensure those things are as affordable as they possibly can be for Australians."

As the polls indicate Australians are losing faith in the federal government, Mr Morrison sought to show contrition over perceived failures in the pandemic response.

"I haven't got everything right and I'll take my fair share of criticism and blame, it's part of the job," he said.

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He also admitted he was "too optimistic" heading into a summer swallowed by the Omicron wave.

Mr Morrison conceded that he should have put the military in charge of the vaccine rollout earlier.

But he wouldn't directly apologise for any mistakes.

"We're all terribly sorry for what this pandemic has done to the world and to this country," he said in a carefully framed reply.

While Mr Morrison couldn't brush past the problems of the last few months, it was clear he wanted to focus on the future and in particular, jobs.

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One big promise was made on this front, Mr Morrison said his goal was for unemployment to dip below the four per cent mark in the second half of the year.

His political calculation is the more people who have a job, the safer he will be at election time.

However, there are many other issues playing on voters' minds.