diff --git a/.changeset/rotten-books-crash.md b/.changeset/rotten-books-crash.md
index f2ed45021d..b0c020a743 100644
--- a/.changeset/rotten-books-crash.md
+++ b/.changeset/rotten-books-crash.md
@@ -2,4 +2,4 @@
 '@backstage/dev-utils': patch
 ---
 
-Removing dependency on `react-hot-loader`, the we ship `swc` and `React Refresh` out of the box now with the `cli`
+Removed the dependency and setup of `react-hot-loader`, since the `@backstage/cli` now uses `swc` with `React Refresh` instead.
diff --git a/packages/cli/package.json b/packages/cli/package.json
index 992853cc1d..bf5948f843 100644
--- a/packages/cli/package.json
+++ b/packages/cli/package.json
@@ -53,7 +53,7 @@
     "@svgr/plugin-svgo": "6.3.x",
     "@svgr/rollup": "6.3.x",
     "@svgr/webpack": "6.3.x",
-    "@swc/core": "^1.2.205",
+    "@swc/core": "^1.2.239",
     "@swc/helpers": "^0.4.7",
     "@swc/jest": "^0.2.22",
     "@types/webpack-env": "^1.15.2",
diff --git a/storybook/.storybook/main.js b/storybook/.storybook/main.js
index 81466108f6..e523b68337 100644
--- a/storybook/.storybook/main.js
+++ b/storybook/.storybook/main.js
@@ -69,6 +69,7 @@ module.exports = Object.assign(({ args }) => {
           loader: require.resolve('swc-loader'),
           options: {
             jsc: {
+              target: 'es2019',
               parser: {
                 syntax: 'typescript',
                 tsx: true,
diff --git a/yarn.lock b/yarn.lock
index de73379031..4614d4de04 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -6317,7 +6317,7 @@
   resolved "https://registry.npmjs.org/@swc/core-win32-x64-msvc/-/core-win32-x64-msvc-1.2.242.tgz#61a6c7d4da1dec1188b912785bd8e0bb16ff8440"
   integrity sha512-Cz1hZOxcfEVgzEr2sYIW9MxT+wEEbYz7aB87ZDmTUpr7vuvBiLMwsYItm8qG847wZeJfa+J7CC+tty5GJOBOOQ==
 
-"@swc/core@^1.2.205":
+"@swc/core@^1.2.239":
   version "1.2.242"
   resolved "https://registry.npmjs.org/@swc/core/-/core-1.2.242.tgz#4392ef0012fe9667440c6eb5a419b6cc86a0a786"
   integrity sha512-JQqSYVoLtHtztCNBgeCKyxmqw6AksHsC4WvVSSErLXJx6JXKaog1HFVuzd6rwx2lLCV+zBnbqJFug5OX0g2knw==