Smith said more Super Hornets were "an obvious option".
Super Hornets have greater range than earlier models, can carry more weapons at greater speed and with more manoeuvrability, and have more advanced electronics.
Australia's decision will be influenced by meetings in Washington and Canberra next month at which representatives of F-35 manufacturer Lockheed Martin will be grilled by countries committed to the fighter.
The US attracted Australia, Canada, Britain, Denmark, Norway, Italy, Turkey and the Netherlands as partners, supplementing its own planned buy of more than 2400 aircraft. But repeated delays, cost blowouts - with even more expected from the US postponements - have rattled the partners.
The original price tag for each aircraft has already soared from US$69 million ($83.9 million) to US$103 million.
Turkey has halved its original order, Italy will cut its planned fleet of 131 by as many as 40 aircraft, Canada is considering its future in the programme, Britain will not decide how many it will buy until 2015, and reviews are under way in other countries.
Smith said Australia remained committed to the purchase of two F-35s for tests and trials in the US, and had contracted to buy another 12.
He said F-35 production delays and the ageing of the original Hornet fleet - now undergoing a deep maintenance programme - would cause a gap in the RAAF's combat capability.
Problems had arisen because the US was trying to produce the aircraft before development issues had been solved.
"The schedule for that [Australian F-35s] is now under consideration, just as the United States's schedule is under consideration," Smith said.
"What we will not allow is a gap in our capability, and the decision about the gap in capability will be made in the course of this year ..."
But Parliament's joint committee on foreign affairs, defence and trade has been told by the defence think-tank Air Power Australia and threat simulation company RepSim that buying the F-35 was a mistake.
Experts told the committee that the aircraft was a failed programme with no hope of recovery, offering the wrong product based on outdated threat assessments.
They said the F-35 was inferior to Russian and Chinese stealth aircraft, and vulnerable to advanced radar systems and long-range anti-aircraft missiles.