This Australian anti-tank missile was developed in 1951, following up on German wartime research especially in wire-guidance. The Australian Government supported the development with assistance from the Aeronautical Research laboratories of the department of Supply in Britain.

From the start, a physically large missile was planned, which created the need for vehicular deployment. The Malkara had sighting flares mounted on 2 of the wings to assist in its guidance. The dual-thrust solid propellant motor drove the 26.1kg (57.5lb) High Explosive Squash Head (HESH) containing 15.9kg (35lb) of explosive to the armoured target.

The HESH system is a specialist anti-armour warhead, which, instead of penetrating the armour, detonates on the outside with such violence that pieces of armour are spalled off the inner face.

The design was completed in 1954 and trials started at Woomera in 1955 and at Kirkudbright in Britain in 1956. Two Malkaras were fitted to Hornet Scout cars for use by the British Royal Armoured Corps.