The deal represents the first principal sponsor since Energy Australia departed as swimming's key backer in the wake of the post-London Stilnox drama. It runs until December 2016.

And while swimming retains a healthy slice of the Olympic funding pie in Australia, the financial clout of Rinehart's mining empire will help the Australians fight fire with fire as overseas nations pour resources into their programs.

Anderson said Swimming Australia could now deliver the high-performance program required to ensure Australia begins to climb back up the medal table after securing just a solitary gold in London courtesy of the brilliant women's 4x100-metre freestyle relay squad.

"We're an ambitious sport and we have set the goal to become No.1 by 2020. And this is the year that we start to deliver," Anderson said.

"It started in Perth [Aquatic Super Series] where we performed well and there's a great vibe across the team. The pleasing thing is there are young swimmers outside of the established stars moving through."

Anderson took over the post in 2013 and the new deal with Hancock Prospecting will add some early lustre to his stewardship of the sport, along with president John Bertrand.

He said Rinehart and the company had been involved behind-the-scenes and the financial backing was a tick of approval for the internal renovations that took place after the disappointments of the London pool.

"They have been in the sport for some time and have seen the culture that we are building and the way we are heading. They've seen how things are evolving and they are banking on all of that," Anderson said.

"They are investing into the sport and high performance is critical. There is competition not just from the major nations but from emerging nations and you can see they are winning medals."

The rise of swimmers such as Emma McKeon at the Glasgow Commonwealth Games and sprinter Cameron McEvoy, who stunned a star-studded Pan Pacs field to win the 100m freestyle, has given fresh hope to Australian swimming that it won't be left to world champions Cate Campbell and James Magnussen to fly the flag at the Rio Olympics next year.

Exactly how far Australian swimming has progressed will be better judged after this year's FINA world championships in August, to be held in the Russian city of Kazan.

And while the top echelon stands to be the major benefactor of the new deal, the benefits will also filter down to junior swimmers with programs in place to ensure they are helped to stay in the sport and chase their competition goals.

Meanwhile, Swimming Australia will continue to plan for the late finals in Rio by adjusting the schedules of lead-up grand prix events throughout this year and into 2016.

The swimming finals at the 2016 Games will start late in the evening to accommodate the American host broadcaster.