"Any time that something is either deferred or delayed or cancelled as a result of extremism, whether that's a cricket tour or whether that's an election, it's a victory for extremism," Smith told the ABC (Australian Broadcasting Corporation).
At least 22 police and four civilians were killed on Thursday when a suicide attacker detonated a device packed with ball-bearings outside the Lahore high court, raising fears that polls delayed to next month may be put back once again.
"We are very concerned about the latest bombing," Smith said.
"We of course condemned the assassination of Benazir Bhutto, we of course condemn this bombing overnight."
Cricket Australia has said it will make a decision on whether the three Tests, as well as five one-day internationals and a Twenty20 match, go ahead once it completes a security assessment after Pakistan's elections.
However even if officials give the tour the green light, some Australian players are reportedly considering withdrawing from the team because of security fears.