Preheat Oven: Preheat your oven to 356ºF (180ºC). Line a 9-inch round springform pan with parchment paper, or grease it with butter and dust it with flour if using a non-stick pan.
Mix Dry Ingredients: In a medium-sized mixing bowl, sift together the flour, baking soda, and baking powder. Set aside.
Beat Sugar and Eggs: In a large mixing bowl using electric hand beaters or a stand mixer with the paddle or whisk attachment, beat the sugar and eggs on medium speed for 1 minute until well combined.
Add Olive Oil: With the beater running at low-medium speed, slowly drizzle in the olive oil in a steady stream to emulsify, about 1 minute in total.
Incorporate Milk: Pour in the milk and beat for 15 seconds until well combined. Scrape down the sides if needed.
Combine Dry Ingredients: Add half of the sifted flour ingredients and the salt and beat on low speed until just combined. Add the remaining flour and beat until incorporated, being careful not to overmix, about 10-15 seconds. Use a spatula to gently fold in any extra flour from the sides of the bowl.
Bake: Pour the batter into the prepared springform pan, smoothing out the top. Bake for 40-45 minutes or until a toothpick inserted into the center comes out clean or with a few moist crumbs attached, and the top is lightly golden and springs back when lightly pressed.
Cool: Remove from the oven and allow the cake to cool in the pan for 10 minutes. Transfer to a wire rack to cool completely.
Finish: Dust a light layer of powdered sugar over the cake using a fine mesh sieve before serving. Enjoy!