It's always difficult to try to interpret the outcome of any referendum. There's an issue of information and there's an issue of the limited amount of time that voters have or want to put into learning about an issue. It's very hard to know.
We do know that when referenda fail, we often find that it is related to the fact that people don't know much about an issue. Mobilization is important. Turnout in any election is important, and we know that if people don't turn out to vote, they can't support an issue. If you are in favour of an issue or feel passionately about an issue, you're more likely to turn out. If you don't, then you're not going to get there. If you like the status quo, then you're less likely to invest the time to go out.
It's hard to say that a failed referendum is actually a vote for the status quo, even though that's what happens, in effect, but I do think that for any referendum the value of it needs to really depend upon the amount of information that is circulated about that issue, and on how informed the public is in order to cast their ballot.