Line a springform baking tin with parchment paper. Preheat oven to 170˚C.
Place sugar and water in a medium saucepan and cook over medium high heat until the sugar caramelizes to a dark amber colour. Remove from the heat and pour into the base of the lined pan, then set aside to cool.
To make the cake batter, combine all of the wet ingredients and stir to combine. Add the dry ingredients and mix until just incorporated.
Lay sliced bananas in the base of the cake tin on top of the set caramel. Make sure they are packed in tightly, and if applicable, place the more attractive side of the banana slice down as this will form the top of the cake.
Pour that cake batter into the tin and bake for around 45 minutes, or until a skewer inserted comes out clean.
Optionally, poke a few holes in the cake and either spoon or brush a few tbsp of milk over the top of the cake. This isn't crucial but just makes the cake a little more moist.
Place your serving plate over the top of the cake and quickly invert it. Leave to cool slightly in this position to let some of the caramel seep into the cake and so it holds it's shape better once you remove the tin, around 20 minutes.
Remove the tin and serve.