Summarizing one country's clearly written Part 121 (obviously not Australia!).
Straight flight path: fly V2, clear obstacles by 35 ft
Up to a 15 degree change from runway alignment: as above
Beyond a 15 degree change from runway alignment: turn may commence not below 50 ft above obstacle (which could be the runway surface if there are no obstacles, my comment) - AND provided bank angle does not exceed 15 degrees, no correction to V2 or AFM OEI climb gradient - clear all obstacles by 50 ft while turning
Bank angles in excess of 15 degrees: no turn below 50 ft above obstacle - apply additives to V2 and reductions to AFM OEI climb gradients - clear all obstacles by 50 ft (a simple table of corrections is supplied in the rules)
Not wishing to insult the intelligence of those many Ppruners on this site who are clearly experts in various matters....BUT, none of the above should be confused with SIDS, which assume all engines operating, speeds comfortably above V2 and typical bank angles of 25 degrees. The OEI path could be in quite the opposite direction to that required by the SID. From reading some of the foregoing, I think a few here may be confusing the two.