Preheat oven to 180°c. Grease a 71/2-cup Bundt tin.
Use an electric whisk to beat butter and sugar until pale and creamy. Add eggs, one at a time, beating well between each addition to combine.
Stir flour and milk into egg mixture until combined. Transfer batter to tin and bake for 35-40 minutes or until golden and a skewer inserted into centre comes out clean. Stand cake in tin for 5 minutes before turning out onto a wire rack placed over a plate.
Meanwhile, to make the lemon tea syrup, stir sugar, lemon peel and 3/4 cup water in a small saucepan over medium heat until sugar dissolves. Increase heat to medium-high and simmer for 10 minutes or until syrupy. Remove from heat, add tea bags and lemon juice and set aside for 5 minutes to steep.
Using a fine skewer, poke holes into cake. Slowly pour warm syrup over hot cake. Slice and serve.