"[He] has a very significant way to go before he could be eligible for release."
The board indicated Taylor would next be up for parole in December this year.
The report into the board's decision also detailed Mr Taylor's past criminal history, "involving dishonesty as well as rape of a female in 1986".
It revealed details of his involvement in bringing contraband goods into prison in October 2015, for which he incurred a misconduct and a 28-day forfeiture penalty.
At his latest parole hearing Taylor acknowledged he was involved in this incident and admitted it was a setback to his progress in prison.
"Through his counsel he does not seek parole today and puts the setback down to a weakness involving "bad decision making"," the report read.