The 72-year-old had a cardiac arrest while in hospital and says he is lucky to be alive.
''I'm doing well. I feel fine,'' said Dwyer, who was inducted into the IRB Hall of Fame in 2011.
''I had a cardiac arrest whilst I was in the emergency ward at Bowral Hospital.
''I was on a monitor and had the doctor with me and (then) I had the arrest.
''They gave me the electrical charge straight away and I came straight back.
''Talk about being at the right place at the right time. If it had have happened at home, I would be dead.''
Dwyer first coached the Wallabies in 1982-83 before returning to the helm five years later.
He oversaw his country's agonising 2-1 series defeat to the Lions in 1989 following narrow losses in the second and third rubbers after the Wallabies had won the first Test in convincing fashion.
Dwyer bounced back in the best possible fashion, though, as he led Australia to a first World Cup crown in 1991.
He later worked at English clubs Leicester and Bristol, guiding the Tigers to the Heineken Cup Final in 1997 and to Pilkington Cup glory.
A return to Australia saw him coach the Waratahs to their first Super Rugby semi-final in 2002 before he resigned from that role in 2003.