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Bailey (49) was jailed for life in 1992 after being found guilty of the 1991 rape and murder of Kylie Smith.
The Otago Daily Times earlier this month reported the 49-year-old, who has spent 22 years in custody, had been denied parole and would spend the next two years in prison.
A board decision following his April 30 hearing was released yesterday.
It noted Bailey was in the final stages of the Kia Marama Programme, a specialist prison treatment programme for child sex offenders.
Bailey was to complete the course next June, and then take part in a graduates' group.
A psychological report noted Bailey had an intellectual understanding of the factors which led to his offending, struggled to express his emotions and found it difficult to appreciate the impact of his offending.
''He also minimised his previous and ongoing high level of sexual preoccupation and deviant fantasy, which is another treatment target,'' the report noted.
The board noted he had made progress but ''we queried whether the programme he is currently undertaking adequately addresses all aspects of his offending, in particular the violent and coercive behaviour and attitudes which led him to murder his victim''.
''We would want to be reassured that he has completed his rehabilitation before he embarks upon any reintegrative activities, such as Release to Work.''
Bailey conceded at his hearing that even after he had completed rehabilitation, reintegration would take some time and his release plan was ''weak''.
The board made a two-year postponement order, and cautioned that that decision did not mean Bailey would be released at his next hearing.
''It is rather that the board thinks it appropriate to reassess his position at that time and that any decisions about release outside the wire, whether escorted or unescorted, be deferred until that stage.''