Sydney: Australia's Qantas Airways said on Saturday it was grounding all aircrafts over a labour dispute and the move would cost it Australian Dollar 20 million (USD 21.4 million) a day.

The airline said in a statement that from Monday evening it would lock out all employees over a protracted industrial dispute.   
"This step is being taken in response to industrial action taken by these unions," Qantas said.

"The financial impact of action taken to date has reached Australian Dollar 68 million and the action is costing Qantas approximately Australian Dollar 15 million per week in lost revenue. Approximately 70,000 passengers have been affected and more than 600 flights cancelled."

Aircraft currently in the air would complete the sectors they are operating. However, there will be no further Qantas domestic departures or international departures anywhere in the world, it said.