Preheat oven to 180 degrees C. Lightly grease two 23cm round cake tins.
In a small bowl beat eggs well. In large bowl, cream the butter and the white sugar until light and fluffy. Mix in the beaten eggs and stir until well combined. Add the vanilla to the buttermilk.
Mix together the flour, baking powder, bicarbonate of soda, nutmeg and salt. Add the flour mixture and the buttermilk alternately to the creamed mixture, beginning and ending with the flour mix. Spread batter into prepared pans.
Bake at 180 degrees C for 25 to 30 minutes or until a skewer inserted in the centre of the cakes comes out clean. Let cakes cool then ice with caramel icing.
To make the icing: heat the brown sugar, cream or milk, and butter butter until it boils. Boil for 2 minutes then remove from heat. Let cool. Stir in the icing sugar and beat until smooth. Add more cream or milk or sugar if needed to achieve desired spreading consistency. Makes about 1 1/3 cups of icing.