Feedback will be sought from staff, the university said in a statement, with staff likely to be offered the chance to seek a voluntary redundancy package.

The university has not made any decisions about which campuses will be affected, but it did say of the 400 jobs to go, about 100 were vacant.

Jobs are expected to go at each campus, with the university revealing the cuts would be spread across faculties and portfolios and balanced across all sites.

Vice-chancellor Iain Martin briefed Deakin's staff on Monday, telling them the university expects to lose between $250 million and $300 million in revenue next year.

"Our recovery from the COVID-19 pandemic is not going to be a V-shaped one," Professor Martin said.

"The approach we are proposing, combining debt and cost savings, will ensure that Deakin is in the best position to preserve as many jobs as possible in the medium term, rather than simply seeking to get to a notionally balanced budget over the next 12 months.

Professor Martin said the impact of the pandemic meant that decisions made now and over the next 18 months would shape Deakin for a decade or more.

"What Deakin delivers matters, it matters to our students, our immediate local communities, the State, the nation and, through our many connections and networks, it matters globally, and it matters now more than ever," he said.

"I acknowledge again that managing 2020 and the next two to three years is about far more than money, but without a solid and sustainable financial position we will not be able to make the impact generating contributions that will be needed across our communities."

Warrnambool mayor Tony Herbert said it was disappointing jobs would go at Warrnambool.

Cr Herbert said the university's financial loss would be significant, particularly with uncertainty around when international students could return to the country to study.

"Sadly, it's another example of the impacts of this pandemic," he said.

However, he said in a recent briefing with the unversity's Vice-Chancellor, it was made clear the city's campus had a bright future.

"The Vice-Chancellor indicated very strongly they are very supportive of Deakin Warrnambool," he said.

The announcement comes just days after Target revealed Warrnambool's store would remain open, while dozens of others would close.

"It's fantastic news for our retail sector and CBD," Cr Herbert said of the news.

"As the biggest and longest retail anchor of the CBD, losing such an iconic business would have been pretty tough.

"It shows considerable confidence in Warrnambool - even during these tough times."

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