Chocolate Caramel Slice (Millionaire’s Shortbread)

Chocolate Caramel Slice (or Millionaire’s Shortbread) are a classic Australian treat. This is an easy recipe for Millionaire’s Shortbread using sweetened condensed milk to produce a lovely, thick caramel. Make them more delicious with a touch of sea salt.

chocolate caramel slice on wire rack with coffee

Millionaire’s Shortbread Recipe

Growing up in Australia, and as a child to parents who ran a busy bakery, I used to be addicted to these Chocolate Caramel Slices, otherwise known as Millionaire’s Shortbread in other parts of the world.

As soon as my step-father would produce a tray of these slices from the oven doors, a good dozen or so were always set aside for me to put into my lunchbox for school.

chocolate caramel slice with sea salt

In Australia, these Chocolate Caramel Slices are as popular as Lamingtons and Chocolate Coconut Bars, all of which make regular appearances at bake sales and morning teas.

These days, I try not to make these Chocolate Caramel Slices too often because, as you will soon discover, they are rather addictive and one ought to do a few laps around the block to burn off the consumed calories.

Thankfully, having two energetic toddlers means I do my fair share of running around each day 😉

chocolate caramel slice on wooden table

To make these Chocolate Caramel Slices a bit more sophisticated and grown up, I like to sprinkle them with some sea salt flakes to offset the sweetness a bit.

And it goes without saying that these Chocolate Caramel Slices go perfectly with a cup of your favourite coffee.

chocolate caramel slice with jar of sea salt


Chocolate Caramel Slice (Millionaire’s Shortbread)

chocolate caramel slice

5 from 5 reviews

Chocolate Caramel Slice (or Millionaire’s Shortbread) are a classic Australian treat. This is an easy recipe for Millionaire’s Shortbread using sweetened condensed milk to produce a lovely, thick caramel. Make them more delicious with a touch of sea salt.

  • Author:
  • Prep Time: 30 mins (plus cooling time)
  • Cook Time: 30 mins
  • Total Time: 1 hour
  • Yield: Makes 20 slices
  • Category: Baking
  • Cuisine: Australian


For the biscuit base

For the caramel filling

For the chocolate topping


  1. Preheat the oven to 350°F (180°C).
  2. Line a small baking tin (18 x 28 cm or 7 x 11 inches) with baking paper.
  3. Melt the butter for the biscuit base and set it aside to cool slightly.
  4. Place the flour, baking powder, dessicated coconut and sugar into the bowl of a stand mixer. Using the flat paddle attachment, mix the ingredients together.
  5. Add the melted butter and beat until the mixture is combined.
  6. Place the mixture into the lined baking tin and use your fingers to press it firmly and evenly into the base.
  7. Bake the biscuit base for 12-15 minutes, or until it is lightly golden.
  8. Set the biscuit base aside to cool slightly while you make the caramel filling, but keep the oven turned on.
  9. To make the caramel filling, melt the butter in a large saucepan over low-medium heat.
  10. Once the butter has melted, add the sweetened condensed milk, golden syrup, vanilla extract and light brown sugar.
  11. Whisk the ingredients together until they are well incorporated.
  12. Turn the heat up to medium-high, and continue whisking until the caramel starts to bubble a little.
  13. Continue whisking over medium-high until the caramel thickens slightly. Make sure you are whisking constantly, otherwise the caramel might start to burn and you will have to start all over again! The caramel is done when it has thickened to a good pouring consistency.
  14. When the caramel is cooked, pour it over the biscuit base and use a spatula to evenly distribute it.
  15. Place the baking tin back in the oven for 10 minutes.
  16. Remove the baking tin a wire rack and let it cool completely. Once it has cooled, place it into the fridge for at least 30 minutes.
  17. To make the chocolate topping, melt the chocolate in a bain-marie, or in a heat-proof bowl over a pan of simmering water.
  18. Whisk through the vegetable oil to make the chocolate nice and glossy.
  19. Take the baking tin out of the fridge and pour the melted chocolate over the top. Immediately use a spatula to spread the chocolate evenly. As the caramel slice is cold from the fridge, the chocolate topping will start to set quickly.
  20. If you wish to create a rough textured surface like in the photos, place the baking tin back in the fridge for 10-15 minutes for the chocolate topping to set slightly. Drag a spatula back and forth through the cold (but not set) chocolate topping to create the textured surface. If the chocolate topping is not cold enough, you may have to put the tin back into the fridge for another 5 minutes or so.
  21. Once the chocolate caramel slice has set, slice into bars or squares, and sprinkle with sea salt flakes before serving.

Kitchen Notes

Best to ignore the nutritional information for this recipe 😉

All recipes on this website state temperatures for a regular oven (i.e. a conventional oven without fan). If you have a convection oven with a fan, please consult the manufacturer’s handbook on how to adjust the temperature and baking time accordingly.

To convert from cups to grams, and vice-versa, please see this handy Conversion Chart for Basic Ingredients.


  • Serving Size: Serves 20
  • Calories: 331
  • Sugar: 30.8g
  • Sodium: 171.3mg
  • Fat: 18.4g
  • Carbohydrates: 39.3g
  • Fiber: 2g
  • Protein: 4g
  • Cholesterol: 34mg

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This post was first published on 27 April 2017. It has been updated with more comprehensive recipe notes.