My apologies for taking so long to respond.
Your interview technique is fine, no problems at all; it is important to
listen to the questions and answer with examples to demonstrate your
experience. All of this you did. As we interviewed over the phone it
is always more challenging to build a rapport with your interviewer, but
I think you also did this successfully.
Once again, graduates with up to three years experience are eligible for
the XXXXXXX Graduate Program, should you wish to reapply next year
please look on www.website.com for more information.
It means: you actually did alright with the interview but unfortunately you're ranked outside the number of best candidates we needed, so you just missed out fractionally. Try again next year.
Or it can also mean: we actually don't like your voice :)