The updated revenue estimates, which show resource super-profits tax would have raised a massive $24 billion in its first two years, proved the industry was justified in campaigning so aggressively against the impost, according to Business Council of Australia president Graham Bradley.

Mr Bradley, who also chairs miner Anglo American Australia, said Labor's RSPT reflected an "enormous destruction of shareholder value" for all investors in Australian mining companies.

"The industry's concern has now proven to be legitimate.

"It could have been a destruction of 25 and even 50 per cent of the equity value of Australian mining companies, depending on their mix of established mines and new mines.

"And it would have been an enormous disincentive to future investment in new projects."

Mr Bradley welcomed the updated data, admitting the industry had been confused how the remodelled tax, with a lower headline rate and other concessions, would have taken only $1.5bn less than the much more burdensome RSPT.

"Almost everyone in the business community who's familiar with the matter was scratching their heads after the MRRT deal was announced, trying to understand how it could possibly have only reduced the government revenue take by $1.5bn," he said.

"That seemed impossible and incredible from the outset.

"And it appears that it's now been based on the use of quite significantly revised commodity prices and other assumptions which were not originally proposed."

Julia Gillard discarded the RSPT earlier this month after a long-run dispute with the mining sector and several days of negotiations with mining giants BHP Billiton, Rio Tinto and Xstrata.