US President Barack Obama has confirmed his former chief of staff Mr Lew will take over the key Treasury portfolio, as the world's largest economy addresses budget challenges.
"Mr Lew has a wealth of experience right across the private sector, academia and of course in public policy and administration," Mr Swan said in a statement on Thursday.
"His budget expertise will be invaluable as the US continues to tackle its fiscal challenges."
He also commended the work of outgoing US treasury secretary Tim Geithner.
"I worked closely with Tim through the darkest days of the financial crisis and I have nothing but praise for his management under such difficult conditions," Mr Swan said.