Melbourne Cup-winning jockey Michelle Payne has been banned for four weeks after admitting she took a banned substance.

Payne, who rode Prince of Penzance to glory at Flemington in 2015 to become the first female jockey to win the famous race, tested positive for appetite suppressant Phentermine earlier this month.

The 31-year-old was prescribed the drug by her doctor after a career-threatening race fall in Mildura last May, after which she required pancreatic surgery. Despite being given Phentermine by a medical professional, Payne acknowledged it was her responsibility to know whether the substance was on the banned list.

And a Racing Victoria stewards inquiry suspended her for four weeks after hearing evidence on Thursday. Payne told the inquiry: "I am embarrassed and I apologise for what I have done."

She will now be suspended from riding until July 28, but is then hoping to travel to England to feature in the Royal Ascot meeting in August.