diff --git a/package.json b/package.json
index 97740991aadf..24cc7e851820 100644
--- a/package.json
+++ b/package.json
@@ -6,7 +6,7 @@
     "@babel/core": "7.17.8",
     "@babel/plugin-proposal-object-rest-spread": "^7.0.0",
     "@babel/plugin-transform-object-assign": "^7.0.0",
-    "@babel/preset-env": "^7.16.11",
+    "@babel/preset-env": "^7.22.0",
     "@babel/preset-react": "7.16.7",
     "@edx/brand-edx.org": "^1.3.3",
     "@edx/edx-bootstrap": "1.0.4",
@@ -67,7 +67,7 @@
     "underscore": "1.8.3",
     "underscore.string": "3.3.5",
     "universal-cookie": "^4.0.3",
-    "webpack": "2.7.0",
+    "webpack": "5.0.0",
     "webpack-bundle-tracker": "0.2.1",
     "webpack-merge": "4.1.1",
     "whatwg-fetch": "2.0.3",