Classic Millionaire’s Shortbread – Caramel Slice Recipe

Soft Caramel Slice (Millionaire’s Shortbread) — Rich Flavour, Irresistible Texture

Learn how to make a classic, soft caramel slice — often called Millionaire’s Shortbread. This version is straightforward, budget-friendly, and wonderfully addictive. Each component — the crisp base, the buttery caramel, and the glossy chocolate topping — plays an important role in delivering balanced flavour and contrasting textures. A light sprinkle of sea salt flakes is optional but encouraged: it lifts the sweetness and sharpens every bite, leaving you craving the next square.

Caramel Slice (Millionaires Shortbread)

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4.67 from 3 votes
Prep Time: 15 minutes
Cook Time: 35 minutes
Cooling Time: 1 hour 20 minutes
Total Time: 2 hours 10 minutes
Calories: 468kcal
Servings: 12 Servings

Ingredients

Base

  • 140g (4.9oz) – Plain Flour (All Purpose)
  • 45g (1.6oz) – Desiccated Coconut
  • 65g (2.3oz) – Brown Sugar
  • 125g (4.4oz) – Unsalted Butter, Melted
  • Small Pinch of Sea Salt Flakes (Optional)

Caramel Filling

  • 125g (4.4oz) – Unsalted Butter, Cubed
  • 65g (2.3oz) – Brown Sugar
  • 395g (13.9oz) – Sweetened Condensed Milk
  • 1 tsp (5ml) – Vanilla Bean Paste or Extract

Chocolate Ganache

  • 200g (7.05oz) – Good Quality Dark Chocolate
  • 1 Tbsp (20ml) – Sunflower Oil

Optional (Recommended)

  • Sea Salt Flakes (Sprinkle on Top of Chocolate)

Method

  • Preheat your oven to 160°C (320°F). Grease and line a 28cm x 18cm (11″ x 7″) baking pan with parchment paper so the slice lifts out easily after baking.
    Preheat Oven
  • Make the base by combining the plain flour, desiccated coconut, brown sugar and melted butter in a mixing bowl. Work until the mixture resembles a soft pastry. Press it firmly and evenly into the prepared pan using the back of a spoon. Bake for 14–15 minutes or until golden at the edges. Remove and allow to cool for about 20 minutes.
    Caramel Slice Recipe 2
  • Lower the oven temperature to 140°C (280°F) while the base cools slightly. This gentler heat helps the caramel set without burning.
    Preheat Oven
  • For the caramel, place the cubed butter, brown sugar, condensed milk and vanilla in a small saucepan over medium-low heat. Stir as the butter melts, keeping the mixture moving so it doesn’t stick. Once combined, continue stirring for around 4 minutes until the edges begin to simmer and the mixture thickens slightly. Remove from heat.
    Caramel Slice Recipe 3
  • Pour the hot caramel over the cooled base, spreading it to cover completely. Return the pan to the oven at 140°C (280°F) and bake for 10–12 minutes until the caramel is golden and bubbling—rotate the pan halfway for even baking. Allow to cool for 15 minutes, then chill in the fridge for 30–60 minutes so the caramel firms up.
    Caramel Slice 4
  • Prepare the chocolate ganache by gently heating the dark chocolate and sunflower oil in a small saucepan over medium-low heat, stirring until smooth and glossy. Remove from the heat and pour the warm ganache over the set caramel, spreading evenly. If desired, finish with a light sprinkle of sea salt flakes. Chill in the fridge to set for at least 1 hour, or up to 24 hours for a firmer result.
    Caramel Slice 5
  • When ready to serve, remove from the fridge and let the slice sit for 10 minutes. Run a knife under hot water, dry it, and use it to cut the tray into clean squares—this technique helps produce neat edges. Depending on portion size, slice into 12 to 24 pieces. Store chilled.
    Serve
Calories 468kcalCarbohydrates 47gProtein 5gFat 31gSaturated Fat 19gPolyunsaturated Fat 1gMonounsaturated Fat 9gTrans Fat 1gCholesterol 56mgSodium 50mgPotassium 174mgFiber 3gSugar 35gVitamin A 609IUVitamin C 1mgCalcium 110mgIron 1mg

Nutrition information above is an estimate for a single slice and is provided as a general guide.

Storage Instructions for Caramel Slice

Store the caramel slice in an airtight container in the refrigerator for up to two weeks. For longer storage, freeze slices for up to three months; thaw overnight in the fridge before serving. For best texture, keep chilled until shortly before serving.

Watch: How to Make This Recipe

Did You Try This Caramel Slice?

Please leave a comment and rating below to let us know how it turned out — feedback helps refine the recipe and helps other home bakers achieve great results.

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