There have been much smaller eruptions from Lake Taupo and it is suspected one may be coming up in the near future. The vulcanologists say it will be a small eruption, if any, to make a rhyolite dome, of which New Zealand has many. However predictions about volcanoes are as good as earthquake predictions - rather poor. The biggest volcanoes do not have classical cone shapes. Taupo is probably the most powerful caldera in the world, yet looks like an innocent lake.
Smaller calderas are near by, in New Zealand's volcanic zone.
It is no more dangerous than California and Japan, which are on the same volcanic ring. Hot springs and geysers are common near the edge of a caldera. This geyser is at Whakarewarewa, on the edge of the Rotorua caldera. But it truly is. The peaceful lake is actually sitting in the Rotorua caldera, which erupted long before Lake Taupo and is responsible for the extensive flat topped hills to the west of Rotorua.