The ongoing industrial dispute in Qantas which has caused family holidays to be canceled and business meetings to be postponed has dug so far a $68-million hole in Qantas's pocket.

Qantas Chief Executive Alan Joyce disclosed the impact of the strikes on the air carrier's finances on Friday in time for Qantas's yearly meeting. He said that on a weekly basis Qantas is losing $15 million.

The amount, which is the result of 129 flights canceled and another 387 trips delayed, is higher than the $49 million losses of Qantas when the skies were closed due to the volcanic ash crisis.

In terms of passengers affected since the work stoppages that begun in August, the number has reached 70,922. These include business and leisure trips, family holidays and other air travel that were disrupted or affected.

The loss of Qantas was the gain of Virgin Australia as the rival air carrier offered alternatives to passengers in search of available and cheap flights to Bangkok, Singapore, Hong Kong and other nearby destinations for their business trips and family holidays.

Mr Joyce expects Qantas' financial problems to continue as the Transport Workers Union (TWU), which represents baggage handlers, ground crew and catering staff, rejected an offer from the company. Another 70 flights are scheduled to be canceled Friday as TWU members walk off their jobs to attend union meetings, which would affect over 10,000 passengers including those whose flights would be delayed.

"Agreeing to the unions' unreasonable demands would have a far greater cost on the company, including risking the future of Qantas," The Australian quoted Mr Joyce.

Despite the impact of the strikes on Qantas finance, Mr Joyce expects the air carrier to grow 4 to 6 per cent for the first half of 2011-12 compared to the same period last year and 6 to 7 percent hike in capacity.

"The outlook for the remainder of first half 2011-12 remains volatile and given the uncertainty in global economic conditions, fuel prices, foreign exchange rates and the industrial relations environment, as well as a major transformational change agenda underway, it is not possible to provide profit guidance at this time," Mr Joyce said.

The annual meeting is expected to be a bloody fight as a group of shareholders plan to question Mr Joyce's $5 million compensation package and union representatives attend the meeting to push their agenda.

"Engineers, like many other employees at Qantas, can't understand why plans to offshore jobs and sack 1,000 people are being rewarded with cash bonuses and fat pay cheques to the CEO and management.... It reeks of hypocrisy, and that is what we will be protesting at today's AGM," The Australian quoted Australian Licenced Aircraft Engineers Association Federal Secretary Steve Purvinas.

Due to the impact of the strikes on the Australian economy, business and families who have to suffer from delayed business trips or canceled family holidays, the Opposition called for the federal government to step into the labor row.

"This is getting worse and worse and I think it is time for the Prime Minister to get active," Nine Network quoted Opposition leader Tony Abbott.

"The government has a responsibility to ensure these strikes don't escalate to a point where they are damaging Australia's national interests," Deputy Opposition leader Julie Bishop said.

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