Preheat oven to 180°C/350°F (160°C fan), though you can use your slow cooker or stove instead (oven easiest! Note 4).

Season beef - Toss the beef with half the salt and pepper.

Cook onion - Heat the oil and melt the butter in a large oven-proof dutch oven over high heat. Cook onion for 6 minutes until the edges are light golden.

Cook beef - Add the beef and stir until the outside changes from red to brown, about 2 minutes. It won't go golden brown, it's not supposed to.

Add vegetables - Add garlic, capsicum and tomato. Stir for 3 minutes - the tomato will mostly breakdown.

Add paprika, caraway and bay leaf. Stir for 30 seconds.

Slow cook - Add beef stock, stir, bring to simmer. Cover with a lid and transfer to the oven for 1 1/2 hours.

Add potato - The beef should be pretty tender but not quite "fall-apart". Stir in carrot and potatoes. Return to oven, covered, for another 30 minutes. Beef should now be "fall-apart" - if not, return to the oven for 10 minutes at a time.

Serve - Ladle goulash into bowls and sprinkle with parsley. Eat as is, with optional bread for dunking! (Pictured with cheese bread)