Australian golf's poster boy finished tied for 30th, managing just one round under par at The Grange.
Smith ended the tournament at one under and his Rippers GC fell flat in the team event, finishing ninth of 13 teams, some 21 shots behind the winning Fireballs GC.
"As far as an experience goes, it was amazing," Smith said.
"As far as how I played, not my best stuff."
Smith scrambled for even-par 72 in the first round, followed by one over Saturday and then two under in Sunday's final round.
"I actually did a lot of good stuff and just couldn't really keep on top of it, keep the momentum going," he said.
"It hasn't been the greatest start for me but I feel like there's a lot of really good stuff.
"I know I've been working hard, I know I've been putting in the hours.
"I just need to go out there and kind of make it happen."
Smith tied for 25th in LIV's season-opening tournament in Saudi Arabia from February 6-8.
The captain of the all-Australian Ripper GC team then had heavy off-course commitments in Adelaide at a tournament shifted from its late April timing in previous years.
"The last couple of years we've come in pretty fresh and these boys (his teammates) have had a couple weeks off and I've come off the Masters with a week off in between," Smith said.
"So I've had time to get here and get settled and then get ready for a big week.
"Whereas this week it was kind of all just thrown in front of us very quickly.
"And coming from Riyadh, being jet lagged and stuff, it definitely took a lot out of us.
"But it's taken a lot out of us the last couple years as well, just not being as fresh, and then the extra work.
"Everyone was kind of dragging a little bit but it is what it is."
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