Yes, it's something that most definitely should be reinstituted. The weight of the legal community—academics, scholars and people who practised—recognized the importance of that clause, as did the Supreme Court in finding the parole eligibility periods for murder constitutional.
It is a faint hope, but hope is important. When governments take the perspective that we need to build more jails, lock people up for longer and throw away the key, it is a damning admission of failure. It is something that I would urge the government to readdress.