diff --git a/DESCRIPTION b/DESCRIPTION
index 78635bb3..e79f8724 100644
--- a/DESCRIPTION
+++ b/DESCRIPTION
@@ -1,6 +1,6 @@
 Package: fabletools
 Title: Core Tools for Packages in the 'fable' Framework
-Version: 0.4.2.9000
+Version: 0.5.0
 Authors@R:
     c(person(given = "Mitchell",
              family = "O'Hara-Wild",
diff --git a/NEWS.md b/NEWS.md
index e473bb11..8ae67815 100644
--- a/NEWS.md
+++ b/NEWS.md
@@ -1,4 +1,22 @@
-# fabletools (development version)
+# fabletools 0.5.0
+
+## New features
+
+* Added the `IRF()` generic and appropriate mable methods for computing
+  impulse response functions from fitted models.
+* It is now possible to `generate()` bootstrap sample paths for
+  multivariate models.
+
+## Improvements
+
+* Added support for multivariate model forecasting with transformation using
+  sample paths.
+* Performance improvements relating to forecasting with transformations and 
+  sample paths.
+* Forecast plots now explicitly use marginal distributions for plotting
+  forecast intervals from multivariate distributions.
+* Added optional progress reporting when producing forecasts, it can be
+  enabled using `progressr::with_progress()`
 
 ## Bug fixes