Step 1 Preheat oven to 170C/150C fan-forced. Grease a 6cm-deep, 20cm round (base) cake pan. Line base and side with 2 layers of baking paper.
Step 2 Sift flours, bicarb and mixed spice into a large bowl. Make a well. Whisk sugar, oil, syrup, eggs and vanilla together in a large jug. Pour oil mixture into flour mixture. Stir to combine. Stir in carrot, beetroot and pecans until combined. Pour mixture into prepared pan.
Step 3 Bake for 1 hour or until a skewer inserted into the centre of cake comes out clean. Cool in pan for 5 minutes. Turn, top-side up, onto a wire rack to cool completely.
Step 4 Make Caramel icing: Using an electric mixer, beat cream cheese, butter and sugar until light and fluffy. Spread icing over the top of the cake. Drizzle with caramel sauce. Serve.