He was a Liberal Party member of the Victorian Legislative Assembly from 2006 to 2023, representing the electorate of Warrandyte.

Smith worked in various roles in financial services prior to entering politics, including as a treasury officer for North Limited from 1989 to 1992, a currency dealer for the National Australia Bank from 1992 to 1994, a treasury officer for BP Finance from 1994 to 1999, a finance officer for Orica from 1999 to 2000, a foreign exchange specialist for Suncorp Metway from 2000 to 2002, and as a manager with the Commonwealth Bank from 2003 to 2006.

[1] Smith lost his ministerial responsibilities following the defeat of the Liberal-National coalition at the 2014 Victorian state election.

[5][6] After the Liberal party loss during the 2022 Victorian state election, Smith announced his candidacy for the 2022 Liberal Party of Australia (Victorian Division) leadership election.

[7][8] A few days later he would withdraw and announce his support for Brad Battin for the leadership election.