I understand the studying smart and not hard analogy. To be honest, I always find this a difficult component to balance. E.g. sometimes I don't even know what studying smart is... Depends on the subject I presume. E.g. for Australian Politics in the first SAC I completed heaps of practice SACs and didn't do any further notes. Then in the second SAC I did heaps of practice SACs + refined notes. And there was only +1% difference....
I always feel as though 'my hard work' never pays off. I am constantly searching for the reasons as to why this is the case...
And once you study hard but don't get the marks you want, this hurts like hell. I remember when I failed my first Further Maths SAC I was crying so much and didn't speak to anyone for 2 days.
I like to think I study "smart" and I often do less than expected in SACs, not commonly, but in my VCE career there's been about 4 SACs where I did significantly worse off than I thought. Studying smart doesn't guarantee you a good result in my opinion, you can reduce your chance of doing badly, and increase your chance of doing well, but not eliminate failure. It is part of studying smart to have the ability to accept lower than expected marks as part of life and keep grinding to get higher SAC marks.
At the beginning of economics I got 90% for first SAC, 87% for second, quite high for most people, but less than what I wanted, I put it behind me and studied hard, learning from where I went wrong to improve, next SAC I got everything except for 1 mark, finished with 98% on it.
Are you sure you are studying "smart", like it's one thing to spend hours doing practice SACs but another thing to actually learn from your mistakes. My best SAC result this year hasn't come from endless practice SACs but really ensuring I learn what questions ask and what to include, and ensuring I know the necessary information.
This is basically all you can do to ensure good marks. There is no infallible study method which ensures a 99.95 ATAR.