James Cook University is facing another devastating financial hit this year with foreign students locked out until an effective vaccine is rolled out.

Before the pandemic, more than 1000 international students were collectively enrolled across the Townsville, Cairns and Mackay campuses each year.

That is estimated to drop by 20 per cent drop this year, leaving the university with a multi-million dollar financial hole to fill.

Of the enrolled foreign students, some are studying online from their home countries, and others are already in Australia finishing degrees or high school.

Acting Vice Chancellor Chris Cocklin says all Australian universities are grappling with funding woes, many forced to make job cuts, pay staff left and looking at other cost-saving measures.

"Having a reduced number of international students on campus is quite a significant loss...all universities are significantly financially impacted, and we're talking many millions of dollars across every institution," Professor Cocklin says.

But the university is saving costs by managing leave and foregoing staff salary increases, promising not to cut jobs this year.

"JCU thus far has not made anybody redundant and we are trying to manage it as best we can...at the present time there are no plans for redundancies," he says.

Domestic student enrolments have increased by five per cent this year when compared with last year, but it doesn't come close to making up for the shortfall in foreign students.

NO GOVERNMENT SUPPORT

Last year, Australia's 39 public universities received $18 billion in Federal Government funding, but none have received JobKeeper.

Mr Cocklin says all universities are "terribly disappointed" they can't access the stimulus package.

"It remains a mystery to us about why that may be the case.

"By no means do they assist any of the universities in making up a significant funding shortfall from the inability to enrol international students," he says.