Melbourne Cup-winning jockey Michelle Payne has signalled her next career move after making her racing comeback from a horror race fall in May.

Payne fell from a horse during a race in Mildura and was rushed by helicopter to hospital for pancreatic surgery.

After a long recovery – where she questioned whether she would ever ride again – Payne came back to racing in Tuesday and then backed up with another ride on Friday.

Payne came fourth in a race in Sale and then fifth in a race at Geelong.

In late August it also emerged that Payne had begun thinking about her life after racing.

The first woman to win the Melbourne Cup was granted her training license by Racing Victoria just weeks ago, fuelling speculation she may start training and riding simultaneously.

In an interview with News Corp before her comeback, Payne said she didn’t know what her immediate future held, but hinted at becoming a trainer.

“I love the industry, and I love riding horses, but if tomorrow [comeback race] doesn’t feel right, then I want to have a think about doing something greater with my life,” she said.

Payne created history with her 2015 Melbourne Cup win. Photo: AAP

“I’m still very keen to set up my training business, and possibly ride my own horses, but without the demands of being a full time jockey, I may be able to spend that time giving back to the community.”

She revealed she would wear a protective “binder” across her stomach to protect her scar when she initially got back in the saddle, but it was unclear if she would wear it competitively.

Payne stunned Australia by winning the 2015 Melbourne Cup on outside chance Prince of Penzance.

Questions about Payne’s career were raised when she made these comments after leaving hospital in June.

“I’ve still got the fire in the belly,” Payne said outside hospital. “It is still there but I just want to get home and concentrate on getting better, make sure I take the time to relax and make the right decision when the time is right.

“Obviously a lot of questions have been asked whether I’d ride again. It is something that I don’t want to be pressured in to making comment on yet.”

Payne previously had two nasty falls, one in 2004 that left her with a fractured skull and bleeding on the brain, prompting her family to urge her to give up the sport she loved.

She chose to continue her career, but had another bad fall in 2012, when she was thrown over the head of El Devine shortly after the start of a race at Donald.

That left her with four fractured vertebrae and broken ribs, and in September that year – a month after resuming racing – she endured another fall at Ararat.