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The context of that quote is in relation to the false epistle of Manichaeus, and the difference between false and true epistles of the Holy scripture. In which case, He sides with the Catholic Church on what is and isn't scripture. His understanding of that Church, and how this is sorted out, however, is very different from yours:

"Now, in regard to the canonical Scriptures, he must follow the judgment of the greater number of catholic churches; and among these, of course, a high place must be given to such as have been thought worthy to be the seat of an apostle and to receive epistles. Accordingly, among the canonical Scriptures he will judge according to the following standard: to prefer those that are received by all the catholic churches to those which some do not receive. Among those, again, which are not received by all, he will prefer such as have the sanction of the greater number and those of greater authority, to such as are held by the smaller number and those of less authority. If, however, he shall find that some books are held by the greater number of churches, and others by the churches of greater authority (though this is not a very likely thing to happen), I think that in such a case the authority on the two sides is to be looked upon as equal.” (Augustine, NPNF1: Vol. II, On Christian Doctrine, Book II, Chapter 8. See also John E. Rotelle, O.S.A., ed., The Works of Saint Augustine, Part 1, Vol. 11, trans. Edmund Hill, O.P., De Doctrina Christiana, Book II, Chapter 8 (New York: New City Press, 1996), p. 134.)