diff --git a/bazel/revisions.bzl b/bazel/revisions.bzl
index 92c687d..ed71cfb 100644
--- a/bazel/revisions.bzl
+++ b/bazel/revisions.bzl
@@ -2,6 +2,12 @@
 # DO NOT MODIFY
 
 EMSCRIPTEN_TAGS = {
+    "2.0.32": struct(
+        hash = "74646397e3c5010824ad60d1de86c6bcbe334dff",
+        sha_linux = "236b3954e71d3bb30d347c655b9f47f2a091aa2e61046e1912c8da90152f4ca1",
+        sha_mac = "6a03267574534948e3b041e5d3e31bd757751ef17912eb6e90b96a47da03afb6",
+        sha_win = "2f8fbf0db097d67d0c364946faceec27c569c5c2d7b22068eef8db55645aba36",
+    ),
     "2.0.31": struct(
         hash = "597724ca3f6cd6e84bea73f1f519a3953b5c273d",
         sha_linux = "ef70c7733aa0df41cb4c812f5a89bf6b2ed13ca8aa252872396c0be271156d9e",
diff --git a/emscripten-releases-tags.json b/emscripten-releases-tags.json
index b85891f..fdbf2ac 100644
--- a/emscripten-releases-tags.json
+++ b/emscripten-releases-tags.json
@@ -1,6 +1,6 @@
 {
   "aliases": {
-    "latest": "2.0.31",
+    "latest": "2.0.32",
     "latest-sdk": "latest",
     "latest-64bit": "latest",
     "sdk-latest-64bit": "latest",
@@ -9,6 +9,7 @@
     "latest-releases-upstream": "latest"
   },
   "releases": {
+    "2.0.32": "74646397e3c5010824ad60d1de86c6bcbe334dff",
     "2.0.31": "597724ca3f6cd6e84bea73f1f519a3953b5c273d",
     "2.0.31-asserts": "c1065389ccf4a81e3c1af080316afd444788bc46",
     "2.0.30-asserts": "e13a2d74c5fa5f175ae7cffd4197fe7f78bea304",
diff --git a/test/test.py b/test/test.py
index 8f37570..6487875 100755
--- a/test/test.py
+++ b/test/test.py
@@ -89,12 +89,12 @@ TAGS = json.loads(open('emscripten-releases-tags.json').read())
 def do_lib_building(emcc):
   cache_building_messages = ['generating system library: ']
 
-  def do_build(args, expected):
-    if expected:
+  def do_build(args, is_expected=None):
+    unexpected = None
+    expected = None
+    if is_expected is True:
       expected = cache_building_messages
-      unexpected = []
-    else:
-      expected = []
+    elif is_expected is False:
       unexpected = cache_building_messages
     checked_call_with_output(emcc + ' hello_world.c' + args,
                              expected=expected,
@@ -103,11 +103,15 @@ def do_lib_building(emcc):
 
   # The emsdk ships all system libraries so we don't expect to see any
   # cache population unless we explicly --clear-cache.
-  do_build('', expected=False)
+  do_build('', is_expected=False)
   check_call(emcc + ' --clear-cache')
-  do_build(' -O2', expected=True)
-  do_build(' -s WASM=0', expected=False)
-  do_build(' -O2 -s WASM=0', expected=False)
+  do_build(' -O2', is_expected=True)
+  # Do another build at -O0.  In nwers SDK versions this generates
+  # different libs, but not in older ones so don't assert here.
+  do_build('')
+  # Now verify that libs are *not* build
+  do_build(' -s WASM=0', is_expected=False)
+  do_build(' -O2 -s WASM=0', is_expected=False)
 
 
 def run_emsdk(cmd):