Your are right if by "could not get consensus" you mean that the committee recommended a referendum and everyone and their sister outside of the LPC wanted PR and the LPC wanted ranked ballots.

A referendum was doable but since everyone was united against the Ranked Ballot system the LPC was pushing the government said there was no consensus and killed the process.

Essentially the Liberals decided things weren't going their way so they took the ball and went home.

You watch, they will run in the next election on the promise to change to a Ranked Ballot system so they can claim to have a mandate to change to their preferred system if they win.

My guess is the LPC wins the next election with a minority.