The purpose of this study is to design a launch vehicle for small satellites with maximum commonality suitable for ground and air launch. Type of air launch operations and potential launch sites in Australia, such as Woomera and Northern Territory, were also investigated. Common rocket equation and System Tools Kits (STK) were used in design process. Launch vehicle geometry and additional features, such as strap-on boosters for ground launch were studied and compared with existing launch vehicles with similar performance. The carrier aircraft, B757-200 was selected as the carrier aircraft for air launch due to its performance and its availability on the used-aircraft market.