I'm submitting a bug report

There seems to have been an existing issue #587 related to changes in .babelrc. It looks like it was fixed for .babelrc, but with @babel/preset-env@7.0.0, changes to .browserslistrc can also affect what babel should be outputting.

Webpack Version:
4.20.2

Babel Core Version:
7.1.0

Babel Loader Version:
8.0.2

Please tell us about your environment:
OSX 10.13.6

Current behavior:
When using cacheDirectory: true, the cache does not get invalidated between changes to .browserslistrc contents. Disabling the cache works as expected and changes to .browserslistrc are reflected in the generated bundle.

Expected/desired behavior:
When using cacheDirectory: true, the cache should be invalidated between changes to the .browserslistrc file

• If the current behavior is a bug, please provide the steps to reproduce and if possible a minimal demo of the problem along with a gist/jsbin of your webpack configuration.
  Configuration

{
  loader: 'babel-loader',
  options: { 
    cacheDirectory: true,
    presets: [
      [
        "@babel/preset-env",
        {
          useBuiltIns: "entry",
          modules: false,
        }
      ],
      "@babel/react", 
      "@babel/typescript",
    ],
    plugins: [
      "@babel/proposal-class-properties",
      "@babel/proposal-object-rest-spread",
      "react-hot-loader/babel",
    ],
  }
}