Heat oil in pan and brown beef in 2-3 batches. Place beef in casserole dish.
Fry bacon until lightly brown and add to beef in casserole dish.
Fry onions, mushrooms and capsicum in small amount of oil.
Mix packet of goulash mix with water and tomato paste, add to the vegetables in pan and heat until just boiled.
Pour vegetable/goulash mixture over meat in casserole dish.
Cover dish with lid and cook in 180d preheated oven for 1 1/2 hours or until meat is tender.
Serve with rice or mashed/steamed potatoes and green beans.