Its financial year forecasts indicate a 10 percent decline in visitation against targets, reducing projected revenues by at least $2 million.
The cumulative effect of projected revenue reductions over the next three years is anticipated to result in a $5.8m total revenue decrease on planned budgets.
Chief executive David Reeves said it is an incredibly difficult position to be in, but a review is a necessary step towards securing financial recovery.
"In addition to current challenging economic conditions, the unplanned closure of the museum due to the discovery of asbestos earlier this year has resulted in decreased income, to a level that is no longer sustainable. We also face significant and ongoing costs for asbestos remediation." he said.
The discovery and remediation of asbestos disrupted public engagement activities and access to key galleries.
The full cost of asbestos remediation is still uncertain but could potentially exceed $10m.
Visitation has also been impacted by lower international visitor numbers nationwide.
The proposed organisational changes could see a reduction of up to 30 roles across the museum, however around 14 roles are currently vacant.
This level of reduction is around 10 percent of the total workforce and would reduce annual staffing costs by around $2.4m per year.
"The review aims to strengthen the long-term sustainability of the museum, while continuing to provide great visitor experiences and services," said Reeves.
"It's important that we respond to the situation, and make sure we are in a position to recover well when conditions improve."
A formal consultation process has now begun and will run until 25 September.
There will be no impact on public services, and the museum remains open for visitors.
