The university released a reworked draft plan to university staff and stakeholders last month.

La Trobe Vice-Chancellor John Dewar AO said the plan was developed with the knowledge the university could lose up to 25 per cent of its revenue by the end of 2021.

More than 230 staff members have already taken voluntary redundancies this year. A second round of voluntary redundancies opened on September 9.

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Professor Dewar said the new plan would ensure the university could remain successful in the context of the pandemic.

"While the severe financial consequences of the COVID-19 pandemic mean we'll necessarily be a smaller institution measured by revenue, staff, and students for the foreseeable future, we will continue to place our many communities at the heart of everything we do," he said.

"We will more sharply focus on our strengths in teaching and research, and retain our identity as a university with a strong sense of social responsibility."

Professor Dewar said the university would continue to focus on its regional campuses.

"We'll remain Victoria's only state-wide university - educating more first-in-family and disadvantaged students than any other university in the state at our campuses in Bendigo, Albury-Wodonga, Shepparton and Mildura," he said.

"We will continue to play an important role on the international stage, with strong global partnerships leading to successful student recruitment and mobility, as well as research that makes a difference."

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