The students criticised the delays and uncertainty created by the year-long review, and said they were yet to see any evidence of a visionary plan from management.

It is the first time students of the school have spoken out publicly about their fears, and comes after a list was distributed of more than 70 academics who had concerns about the school's future.

Staff have been told that 30-40 per cent could need to go as the school's budget shows red, with a deficit of about $1.5 million this year.

One PhD student said the school had 170 PhD students as of July and many had been surprised by the uncertainty, with leaving the university an option if their supervisors were axed or resigned.

"They've come from all over the world to study with leading academics on Asia and Pacific, and now all of a sudden they're realising they might lose their supervisor in the next few months, and they're saying, 'I don't know what's going to happen to my research, where do I go?'," she said.

"I am working on a very specific project with a very specific panel – what's the responsibility of the university towards us, as students?"

The student said at least three administrative staff including the school's administration manager had resigned in the last two weeks, and at least three academics (from a cohort of 90) had left this year, although she was unaware of the reasons for leaving.

An international PhD student said he was yet to hear of any criteria for making cuts.

"If you have an actual vision you're implementing then you cut specific branches," he said.

"They are just saying, 'we are in a financial crisis' and are just cutting across everything."

Widespread cuts would also hurt other areas of the university, particularly the College of Arts and Social Sciences, he said.

While regarded as one of the ANU's strongest research performers, the student acknowledged there was a problem with the school's enrolment numbers of 434 students for 167 courses last year.

"No one said, 'what do we need to teach to get people into the job market?'

"But it's not that everything has to make money – the Asia-Pacific region is absolutely essential to Australia's place in the world, and if we are eager to join in this Asian century maybe we need to know those languages."

The domestic PhD student said the school produced 9 per cent of the university's research output but accounted for only 5 per cent of its budget.

Both students had seen the expert external review report completed in August which recommended sweeping changes to governance and courses.

ANU College of Asia and the Pacific dean Veronica Taylor repeated her position from recent months, saying no decisions had been made regarding future staffing or budgets for the school, with the university still considering the independent external review recommendations.

"The university is continuing to consult with all staff at [the school] and will work closely with staff and the National Tertiary Education Union on any proposed changes or restructure at CHL," she said.

Professor Taylor made no commitment the decisions would be made by February.