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Preheat oven to 180C/160C fan forced. Grease a 20cm round cake pan and line the base with baking paper.
Use electric beaters to beat the butter until pale and creamy. With the beaters running, gradually add the condensed milk, stopping to scrape down the side of the bowl a couple of times. Beat until well combined. Add the eggs, one at a time, beating well after each addition.
Sift the flour over the butter mixture and use a spatula to fold through until just combined. Transfer mixture to the prepared pan and bake for 40 minutes or until a skewer inserted into the centre of the cake comes out clean.
Set aside in the pan for 10 minutes before turning out onto a wire rack to cool completely. Serve.