YESTERDAY’S shock Reserve Bank announcement of a 0.75 per cent cut in official interest rates caught many on the hop, on a day when most Victorians had their minds on the race that supposedly stops a nation, but not, it seems, the Reserve Bank board.The pressure will now come for banks to pass on the rate cut as soon as possible, and to the full extent. The Commonwealth Bank was quick to pounce late yesterday, announcing its 0.58 per cent cut - roughly three-quarters of the cut determined earlier by the RBA.The Treasurer was equally quick to pounce on the CBA, expressing his initial disappointment that given the Federal Government’s efforts to guarantee bank deposits last month, the full cut had not been passed on. His comments enjoyed bipartisan support from Opposition Leader Malcolm Turnbull, in a rare show of unity.The challenge now rests with the other banks, including our own Bendigo and Adelaide Bank, as to what they intend to do. Another rate cut is still on the cards before Christmas, but it is unlikely to be as large a cut as those announced by the RBA over the past two months.Putting the money back into ordinary households’ budgets at this time of the year should help free up cash and create a flow-on effect for our economy - just the thing to set cash registers ringing in the busy Christmas season.It is a delicate balancing act, but we hope Australians have learned not just how to spend, but equally, how to reduce household debt and save.What do you think?Write a letter to the editor, or e-mail editor@bendigoadvertiser.com.au