It was to put them in the constitution as the original inhabitants of Australia and give them the right to a mostly powerless advisory body to the Commonwealth government called "the Voice".
It was a pretty conservative idea but unfortunately the conservative opposition leader is the arch-racist piece of shit who will never win a real election, but in his desperation to make a name for himself he campaigned against the referendum, and referendums traditionally only succeed with bipartisan support. So now all that's really been accomplished is to disenfranchise our indigenous population even more.
Not really. This is a tragedy but historically referendums in Australia only pass with bipartisan support.
Also historically, the side that wins the referendum doesn't win the next election, because our referendums are zero-sum yes or no choices akin to FPTP elections which favours American-style extreme politics, whereas our general elections employ preferential voting and compulsory suffrage which requires potential governments to appeal to the political centre. The referendum has shown people who the opposition party really are, and they won't be able to walk that back.