Preheat the oven to 180°C (356°F).
In a bowl, mix the flour, baking powder, and salt.
In another bowl, cream together room temperature butter and sugar.
Add the eggs one at a time, mixing well after each addition.
Add milk and vanilla extract, and mix until combined.
Add the dry ingredients to form the batter.
Add nuts and raisins, and mix evenly.
Pour the batter into a Kugelhopf mold.
Bake at 180°C (356°F) for 35-40 minutes.
Let it cool, remove from the mold, and sprinkle with powdered sugar.