A foundation chaired by Gina Rinehart is giving $A10 million to Swimming Australia over the next four years.
Swimming Australia announced on Friday that elite and targeted development swimmers, including swimmers with a disability, and open water competitors would be assisted in the lead-up to the 2016 Olympic Games in Rio de Janeiro.
AAP reports the Georgina Hope Foundation swimmers support scheme will start on 1 January.
"The foundation will focus on providing subsistence funding, squad funding, scholarship funding and performance funding," Ms Rinehart said in a statement.
Australian Swimming Association general manager Daniel Kowalski said the scheme would have an enormous impact for current and future swimmers.
Ms Rinehart, who is chairman of Hancock Prospecting, an iron ore mining company, is the world's richest woman.