He appeared before the parole board last week and the Herald confirmed on Friday he would not be getting released from prison.
The board today released its full decision and provided a copy to the Herald.
"He became eligible for parole in February 2012 but as at previous hearings the board has not been satisfied that his release would not pose an undue risk to the safety of the community," the decision stated.
Parole board panel convenor Neville Trendle said Taylor didn't expect to be released this time around due to bad behaviour behind bars.
"He acknowledged that in the past 12 months there have been misconducts against his name," Trendle said.
"Most recently, that involved the attempted introduction of contraband.
"Accordingly, his security classification has increased from low to low/medium."
The board heard that Taylor had been maintaining contact with his support person and had "resolved to commit" to formulating a decent release plan.
That plan included transitioning to the prison self-care units.
"To some extent, he has been treading water but he accepts that is largely due to his own actions," said Trendle.
"Mr Taylor has completed much of his rehabilitation activity with his graduation from the Special Treatment Unit Rehabilitation Programme.
"He has maintained contact with the Problem Gambling Foundation. He told us he meets three-weekly for counselling.
"It seems, however, Mr Taylor has until recently been unable to separate himself from gambling activity. It resulted in a debt that contributed directly to his last misconduct."
Trendle said Taylor was "well aware" of what he needed to do to "regain lost ground".
"He needs to take responsibility for his own actions. He told us that he had the tools in place but he had not used them," he explained in the decision.
"One of his supporters made it plain to Mr Taylor that a significant period of time is needed to prove that he can comply with rules and that he can demonstrate self-regulation to allow those who are available to him as support to resume the work for him so far as his long-term release plan is concerned."
Trendle said a psychological report prepared for the hearing did not recommend any further treatment for Taylor.
But it was recommended that Taylor should "direct his attention to his rule-breaking tendencies".
It also stated that once Taylor's security classification was reduced back to low, he should resume a reintegration pathway.
"It is over to him to take the obvious course that is before him," said Trendle.
He ordered Taylor to appear before the board again in 18 months.
He said that was the timeframe "sufficient" for Taylor to "demonstrate what is required".
He will be scheduled to return to the board in 18 months, by March 31, 2020.
Lisa's father Doug Blakie, who appeared before the board to have his say on parole, said he was pleased with the decision.
He said he did not believe Taylor physically killed his daughter - but he was certainly involved in her death.
"I'm happy that he's staying in - the fact that he hasn't been a model prisoner definitely has not helped him," he said.
Taylor was also denied parole in 2015 and 2016.
At his 2016 hearing he was described in a psychologist's report as being of high risk of general offending involving criminal attitudes, violence, substance abuse and gang relationships.
"[He] has a very significant way to go before he could be eligible for release," the decision stated.
It also detailed Taylor's past criminal history, "involving dishonesty as well as rape of a female in 1986 and 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".
Another 'suspect'? Police say no
In 2015 the Blakie case took a turn when her father called on police to investigate a new suspect, saying he no longer believed Taylor was his daughter's killer.
Doug Blakie maintains Taylor was involved in his daughter's death but was not the person who actually killed her.
But the officer in charge of the case says there is no evidence to suggest anyone but Taylor was responsible for Blakie's death.
In 2015 an investigation by MediaWorks current affairs show 3D revealed another man who may have played part in Blakie's death was living in Australia.
3D claimed a stray pubic hair found on Blakie's body that was never identified could have belonged to him.
At the time Blakie's father Doug admitted he'd always had his doubts about Taylor.
"I believe he [Taylor] was involved and he had a part to play, but I always had doubts that he was the one who killed Lisa."
His suspicions were also echoed by a former police officer, Bridget McMenamin, who had worked on the case.
She told 3D that police at the time ignored key evidence in the case.
"A lot of people on that case worked damn hard, but I think the people in charge of that case decided they wanted to get an arrest and Taylor was going to be the easiest person to arrest for the murder of Lisa Blakie."
She remained convinced there was one piece of evidence that held the key - a white Bedford van seen by 10 people in the area.
The van, which was owned by the Devil's Henchmen, was never searched by police.
Taylor, who knew the gang and was always thought to have known more than he let on, admitted earlier this year in a meeting with Blakie's father that he'd seen the van that day.
He named three people inside, two of whom McMenamin said had been ruled out in the
investigation.
She said the pair were DNA tested and eliminated from the inquiry, but the third person, who is now believed to be living in Australia, never was.
McMenamin said the stray pubic hair could provide the missing link.
The 3D team tracked the third mystery man to Queensland, but he appeared to have moved on by the time they arrived at his work.
Detective Inspector Greg Murton told the Herald that the man in Australia was "not considered a credible suspect".
And he said Taylor's statement about seeing the van was "like all his others" - containing "lies and fabrications".
"If any credible evidence was forthcoming indicating that anyone else assisted Tim Taylor in the abduction and murder of Lisa Blakie, that would be closely looked at," he said.
"However that has not occurred to date.
"The latest claims by Mr Taylor and Ms McMenamin do not constitute credible evidence.
"There is no evidence indicating the involvement of anyone else other than Tim Taylor in the abduction and murder of Lisa Blakie."
Doug Blakie was adamant police needed to reinvestigate.
He was looking forward to the government establishing the Criminal Cases Review Commission - a mechanism to review apparent miscarriages of justice.
Justice Minister Andrew Little has in the past advocated for an independent review body.
After last year's general election the new Coalition Government signalled an intention to set up a commission, with Little suggesting that Britain's Criminal Cases Review Commission could serve as a model.
"A CCRC would be one more option for us to get police to reinvestigate," said Doug Blakie.