Dangerous near-miss: How two planes escape collision

No damage was done to either flight. (AFP)

An investigation has been launched into how the AirAsia flight and a Jetstar plane came dangerously close to colliding at the Gold Coast Airport.

It's understood the incident happened on July 21 and saw the AirAsia flight take off from the airport about 11.42am.

The Jetstar flight was reportedly coming in to land when the two planes came within metres of each other.

The AirAsia plane was headed to Auckland while the Jetstar flight was arriving from Victoria’s Avalon Airport.

The Australian Transport Safety Bureau has since confirmed it is investigating the incident.

"The flightpaths of the inbound Airbus A320 and the outbound Airbus A330 resulted in a loss of separation," a spokesman said in a statement.

"Both aircraft received a traffic collision avoidance system (TCAS) resolution advisory...with the crew of the A320 conducting a climb to increase separation.

It’s reported the air traffic collision avoidance system had activated an alarm within the cockpit of each plane, alerting both pilots to the danger.

No damage was done to either flight.

A report from the investigation will be completed by July 2017.