While Smith's summer has been nothing short of phenomenal - averaging more than 150 with the bat - he has put down four crucial catches, including giving Malan another life on two occasions.
After dropping the England left-hander on day two in Adelaide, he put down a difficult chance when Malan was on 34 on the opening day at the SCG.
He also put down Alastair Cook twice in Melbourne, with the English batsman going on to make 244 not out.
"He's always filthy with himself when he drops catches," teammate Mitchell Marsh said of his skipper.
"He sets extremely high standards for himself and catches more balls than anybody at training."
Smith finally got his man in the first session on Friday, taking a screamer of a diving one-handed catch at second slip to dismiss Malan for 62.
After Malan, who has been England's most consistent batsman this series with three 50s and a century, nicked Mitchell Starc, an outstretched Smith snatched the ball as he dived sharply to his left.
It left England in a precarious position at 6-251 with the out-of-form Moeen Ali the last of the recognised batsmen.
As part of a sponsorship deal, a mattress company agreed to adopt 20 koalas for every catch Smith took during the Ashes.
Some on social media pointed out on Thursday that his failure to hold onto the four previous chances left 80 koalas without a home.
- AAP