The 25-year-old Italian was injured at Phillip Island during the final testing before the Superbike World Championship season kicks off.
Giugliano fractured his L1 and L2 vertebrae and he is expected to miss 90 days of racing. He is set to fly back to Italy before the race this weekend.
MCN quoted the rider talking about his injures.
He said: "For the moment it is still a big problem but I am more happy to be walking. This is important. Three months not riding is tough but I think it is good for me to return when I am fit and fully healed."
Giugliano added: "I have one fracture at the front of my spine, and one at the back. Two different ones; one is a compression fracture and one is a torsion fracture. I have no special cast to wear or anything but I have to be careful."