diff --git a/DESCRIPTION b/DESCRIPTION
index 53419fb..cbb56b1 100644
--- a/DESCRIPTION
+++ b/DESCRIPTION
@@ -1,6 +1,6 @@
 Package: cheapr
 Title: Simple Functions to Save Time and Memory
-Version: 0.4.0.9000
+Version: 0.5.0
 Authors@R: 
     person("Nick", "Christofides", , "nick.christofides.r@gmail.com", role = c("aut", "cre"),
            comment = c(ORCID = "0000-0002-9743-7342"))
diff --git a/NEWS.md b/NEWS.md
index 13ebf17..1378a69 100644
--- a/NEWS.md
+++ b/NEWS.md
@@ -1,4 +1,4 @@
-# cheapr (Development version)
+# cheapr 0.5.0
 
 * `sset` is now parallelised when `i` is an 'ALTREP'
 compact integer sequence, e.g. `sset(x, 1:10)`.