Criterion then went to England where he ran fifth in the Prince Of Wales' Stakes at Royal Ascot before finishing sixth in the Juddmonte International at York on Wednesday.
Hayes said the length of time between races had counted against Criterion in England.
The son of Sebring was due back in Melbourne on September 26.
Criterion will undergo quarantine at Werribee in preparation for the Caulfield Stakes [October 10] before heading to the Lindsay Park stables at Euroa to prepare for the Cox Plate.
"More regular racing keeps him a bit calmer pre-race," Hayes said.
"I think he's a bit above himself at the moment. Maybe the Caulfield Stakes will be a risk, but two weeks later he will be spot-on.
"He's a big healthy eater and I think regular racing will really suit him."
Hayes said even though Criterion had been in work for more than 12 months, the 5-year-old had enjoyed some time off while in England.
"He's been up a long time but he's had really good breaks between runs," Hayes said.
"I love having my older horses in work for a long time as they tend to race more consistently."
Hayes said Criterion would be entered for the Melbourne Cup and owner Sir Owen Glenn would love to run him in the race.
He said if his form warranted a start he would press on but if not he would be spelled to chase a second Queen Elizabeth Stakes win at Randwick in autumn.
- AAP