There’s a scene in Russell Crowe’s best film, Master and Commander: The Far Side of the World, when his ship rounds Cape Horn.

He and his crew cheer heartily as the whipstaff suddenly swings above their heads to take HMS Surprise north, knowing that the worst of their journey is probably over.

Michele Bullock, who as captain of the Reserve Bank has had most mortgage holders swabbing the decks for two years, knows the monetary policy rudder has turned. But there’s still a rocky and dangerous trip ahead before anyone can declare victory.

RBA captain Michele Bullock knows the monetary policy rudder has turned.Credit: Louie Douvis

Inflation is tipped to be within the RBA’s target band of 2 to 3 per cent for a full year, inching down to 2.5 per cent by the June quarter next year. If that comes to........

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