The University of Canberra will lose $33 million this year due to the coronavirus pandemic, rising to about $60 million in 2021 as it feels the impact of lower international student enrolments.
The total revenue loss is from a mix of fees, accommodation, commercial revenue and partnerships, a university spokesperson said.
It comes after the Australian National University reported a $225 million shortfall.
The University of Canberra has outlined three phases for reducing costs. Phase one, which currently applies, involves asking staff to volunteer take leave. In phase two, staff would be directed to take leave with 60 days' notice. Phase three would involve staff sacrificing leave and redundancies.
"No units or courses will be cancelled as a direct result of COVID-19," the spokesperson said.
"Unit offerings are based on student numbers and whether they form part of a core degree, with a formal process to consider impact on and alternative offerings to students."
The spokesperson said the University of Canberra had not made any decisions on staffing levels for semester two and that staffing would be informed by student numbers, timetabling and application of physical distancing protocols.
National Tertiary Education Union ACT division secretary Cathy Day said the faculties with a higher proportion of international students, such as the faculty of business, government and law, were facing job losses next semester with some casual staff told there would be no work for them.
"The vice-chancellor is committed to coming up with solutions that work for all of us," Dr Day said.
"They are trying as hard as they can, I believe, to minimise the losses."
The university management has indicated that it intends to work within the existing enterprise agreement and is not seeking changes in the short term. It will assess the effectiveness of phase one before escalating budget measures.
Dr Day said the NTEU would welcome any assistance from the ACT Government for the university, which could be in the form of deferring or waiving payroll tax or issuing low or no interest loans.
"By law [University of Canberra] is not allowed to have huge cash reserves so it can't weather a storm."
She said it also did not have access to the National Institute Grant, a $200 million annual government grant for the ANU.
ACT minister for tertiary education Chris Steel said the ACT Government has been in discussions with tertiary institutions about the financial impacts COVID-19 restrictions and their plans to address these.
Meanwhile, postgraduate students at the ANU are concerned about what budget cuts would mean for employees and the quality of education provided to students.
President of the ANU Postgraduate and Research Students' Association Utsav Gupta said many postgraduate students on staff were more likely to be casual employees with less job security.
"Students are concerned for what this financial situation means for the quality of their education, for what it means for staff that they value and appreciate, what it means for university culture, and what it means for the future value of the degree that they have invested in.
"If the university is unable to provide the same standard of education to its students, it is not simply current or future students that will suffer, it is alumni whose degree could be de-valued.
"Students are concerned and worried about the future of the university as a whole."