diff --git a/go.mod b/go.mod
index 182a00043024..ba2099556609 100644
--- a/go.mod
+++ b/go.mod
@@ -47,7 +47,7 @@ require (
 	k8s.io/metrics v0.27.3
 	k8s.io/utils v0.0.0-20230406110748-d93618cff8a2
 	layeh.com/gopher-json v0.0.0-20201124131017-552bb3c4c3bf
-	sigs.k8s.io/cluster-api v1.5.0-rc.0
+	sigs.k8s.io/cluster-api v1.5.0
 	sigs.k8s.io/controller-runtime v0.15.0
 	sigs.k8s.io/custom-metrics-apiserver v1.27.0
 	sigs.k8s.io/kind v0.20.0
diff --git a/go.sum b/go.sum
index cfed01ffb3ea..951083e0fbb9 100644
--- a/go.sum
+++ b/go.sum
@@ -1493,8 +1493,8 @@ rsc.io/sampler v1.3.0/go.mod h1:T1hPZKmBbMNahiBKFy5HrXp6adAjACjK9JXDnKaTXpA=
 sigs.k8s.io/apiserver-network-proxy/konnectivity-client v0.0.7/go.mod h1:PHgbrJT7lCHcxMU+mDHEm+nx46H4zuuHZkDP6icnhu0=
 sigs.k8s.io/apiserver-network-proxy/konnectivity-client v0.1.2 h1:trsWhjU5jZrx6UvFu4WzQDrN7Pga4a7Qg+zcfcj64PA=
 sigs.k8s.io/apiserver-network-proxy/konnectivity-client v0.1.2/go.mod h1:+qG7ISXqCDVVcyO8hLn12AKVYYUjM7ftlqsqmrhMZE0=
-sigs.k8s.io/cluster-api v1.5.0-rc.0 h1:401QD3wyprHTz8KXQwjq3Qci5OdmmCOH/t7bGt62kWo=
-sigs.k8s.io/cluster-api v1.5.0-rc.0/go.mod h1:ZSEP01t8oT6104gB4ljsOwwp5uJcI8SWy8IFp2HUvrc=
+sigs.k8s.io/cluster-api v1.5.0 h1:pwXvzScbAwnrB7EWHTApzW+VQfrj2OSrWAQDC9+bcbU=
+sigs.k8s.io/cluster-api v1.5.0/go.mod h1:ZSEP01t8oT6104gB4ljsOwwp5uJcI8SWy8IFp2HUvrc=
 sigs.k8s.io/controller-runtime v0.6.1/go.mod h1:XRYBPdbf5XJu9kpS84VJiZ7h/u1hF3gEORz0efEja7A=
 sigs.k8s.io/controller-runtime v0.15.0 h1:ML+5Adt3qZnMSYxZ7gAverBLNPSMQEibtzAgp0UPojU=
 sigs.k8s.io/controller-runtime v0.15.0/go.mod h1:7ngYvp1MLT+9GeZ+6lH3LOlcHkp/+tzA/fmHa4iq9kk=
diff --git a/vendor/modules.txt b/vendor/modules.txt
index 5fa3169266e8..c3162a511aed 100644
--- a/vendor/modules.txt
+++ b/vendor/modules.txt
@@ -1674,14 +1674,14 @@ sigs.k8s.io/apiserver-network-proxy/konnectivity-client/pkg/client
 sigs.k8s.io/apiserver-network-proxy/konnectivity-client/pkg/client/metrics
 sigs.k8s.io/apiserver-network-proxy/konnectivity-client/pkg/common/metrics
 sigs.k8s.io/apiserver-network-proxy/konnectivity-client/proto/client
-# sigs.k8s.io/cluster-api v1.5.0-rc.0
+# sigs.k8s.io/cluster-api v1.5.0
 ## explicit; go 1.20
 sigs.k8s.io/cluster-api/api/v1beta1
 sigs.k8s.io/cluster-api/bootstrap/kubeadm/api/v1beta1
 sigs.k8s.io/cluster-api/errors
 sigs.k8s.io/cluster-api/feature
-sigs.k8s.io/cluster-api/internal/labels
 sigs.k8s.io/cluster-api/util/certs
+sigs.k8s.io/cluster-api/util/labels/format
 sigs.k8s.io/cluster-api/util/secret
 sigs.k8s.io/cluster-api/util/version
 # sigs.k8s.io/controller-runtime v0.15.0
diff --git a/vendor/sigs.k8s.io/cluster-api/api/v1beta1/machineset_webhook.go b/vendor/sigs.k8s.io/cluster-api/api/v1beta1/machineset_webhook.go
index a800efbab860..560ef68af59c 100644
--- a/vendor/sigs.k8s.io/cluster-api/api/v1beta1/machineset_webhook.go
+++ b/vendor/sigs.k8s.io/cluster-api/api/v1beta1/machineset_webhook.go
@@ -32,7 +32,7 @@ import (
 	"sigs.k8s.io/controller-runtime/pkg/webhook/admission"
 
 	"sigs.k8s.io/cluster-api/feature"
-	capilabels "sigs.k8s.io/cluster-api/internal/labels"
+	"sigs.k8s.io/cluster-api/util/labels/format"
 	"sigs.k8s.io/cluster-api/util/version"
 )
 
@@ -70,8 +70,8 @@ func (m *MachineSet) Default() {
 
 	if len(m.Spec.Selector.MatchLabels) == 0 && len(m.Spec.Selector.MatchExpressions) == 0 {
 		// Note: MustFormatValue is used here as the value of this label will be a hash if the MachineSet name is longer than 63 characters.
-		m.Spec.Selector.MatchLabels[MachineSetNameLabel] = capilabels.MustFormatValue(m.Name)
-		m.Spec.Template.Labels[MachineSetNameLabel] = capilabels.MustFormatValue(m.Name)
+		m.Spec.Selector.MatchLabels[MachineSetNameLabel] = format.MustFormatValue(m.Name)
+		m.Spec.Template.Labels[MachineSetNameLabel] = format.MustFormatValue(m.Name)
 	}
 
 	if m.Spec.Template.Spec.Version != nil && !strings.HasPrefix(*m.Spec.Template.Spec.Version, "v") {
diff --git a/vendor/sigs.k8s.io/cluster-api/internal/labels/helpers.go b/vendor/sigs.k8s.io/cluster-api/util/labels/format/helpers.go
similarity index 93%
rename from vendor/sigs.k8s.io/cluster-api/internal/labels/helpers.go
rename to vendor/sigs.k8s.io/cluster-api/util/labels/format/helpers.go
index 24f85cbbeadf..500f4225f6a9 100644
--- a/vendor/sigs.k8s.io/cluster-api/internal/labels/helpers.go
+++ b/vendor/sigs.k8s.io/cluster-api/util/labels/format/helpers.go
@@ -14,8 +14,8 @@ See the License for the specific language governing permissions and
 limitations under the License.
 */
 
-// Package labels contains functions to validate and compare values used in Kubernetes labels.
-package labels
+// Package format contains functions to format and compare formatted values used in Kubernetes labels.
+package format
 
 import (
 	"encoding/base64"