The Australia Office of Financial Management has cancelled auctions of its holdings of residential mortgage-backed securities planned for November and December.The AOFM issued a notice saying there would be no auction in January, and that it had not yet decided whether it would hold one in February.The AOFM started selling its A$4.6 billion of RMBS holdings in June, after the Government announced the sell-down in the May Budget.The plan was to raise government revenue by auctioning between $300 million and $500 million a month but results have been disappointing, with sales of around $100 million at the first three auctions.No securities were sold in the most recent auction, on October 22.The Government gave the AOFM discretion over whether it proceeds with sales.