Shafique (64) and his fellow opener Imam-ul-Haq (70) gave Pakistan a cultured beginning to their chase of 369, adding 134 runs in 21.1 overs.
But the Babar Azam-led side could only muster 305 in the end on Friday.
“Australia played very well. We have to admit that and we also have put in our entire effort. As a bowling unit, we bowled very well.
“Our batting was also good, but in the middle overs – we couldn’t finish well. We Will work on this. Hopefully we will learn from this and perform better in the next matches,” said Shafique during the post-match press meet.
Shafique said 368 was a gettable target in the batting-friendly conditions at the M Chinnaswamy Stadium.
“We have chased down this kind of total, like 345 in the previous match against Sri Lanka. We have confidence in our batting unit as well.
“But yeah, they bowled pretty well. So, they have ticked all of their boxes in the fielding and in the bowling as well,” he added.
Usama Mir dropped David Warner when the batter was on 10 and he went on to make a match-winning 163.
Shafique did not blame Mir for that lapse on the field.
“Yes, catches obviously change your game, you get wickets and you get into momentum. All fielders are trying to do their best, but sometimes you don’t get that value (of training). But we have given a good fight,” he said.