On election night, 23 May 2022, Prime Minister elect Anthony Albanese committed to honouring First Peoples’ request for Voice, Treaty and Truth as outlined in the 2017 Uluru Statement from the Heart. At the Garma Festival later that year, the referendum to recognise First Nations people and enshrine a representative body in the Australian Constitution was announced. Fast forward 12 months and polling confirmed that support for the Voice had collapsed, while a violent discourse that eschewed any form of recognition of First Peoples had gained momentum. The outcome of the referendum fell well short of the required double majority, with only 42% of Australian voters accepting the proposition that First Peoples have a unique place in the political life of the nation and with all but one state or territory having a majority No vote. The referendum’s fate was sealed and with it many decades of work to advance constitutional recognition and reinvigorate Aboriginal forms of government. In considering the referendum’s defeat, this chapter canvasses broad themes, considering the legacy of inadequate history and civics education, the impact of race and racism, ideological contestation and declining faith in democracy, and the necessary conditions for a national campaign to be successful. We also consider the impact of the referendum outcome on advancing future reforms.