diff --git a/setup.py b/setup.py
index 388f720..057bc92 100644
--- a/setup.py
+++ b/setup.py
@@ -17,7 +17,7 @@ from setuptools import setup
 
 setup(
     name='tensorflow_privacy',
-    version='0.4.0',
+    version='0.5.0',
     url='https://github.com/tensorflow/privacy',
     license='Apache-2.0',
     install_requires=[
diff --git a/tensorflow_privacy/version.py b/tensorflow_privacy/version.py
index 92721a4..dc011c7 100644
--- a/tensorflow_privacy/version.py
+++ b/tensorflow_privacy/version.py
@@ -13,4 +13,4 @@
 # limitations under the License.
 """TensorFlow Privacy version."""
 
-__version__ = '0.4.0'
+__version__ = '0.5.0'