Contained single-engine failure = Mayday?

Not usually, and this story at the Aviation Herald takes all the sensationalism out of local media reports:

http://avherald.com/h?article=46e450b6&opt=0

Looks like there was no "failure" (engine manually shut down), and the crew handled it with professionalism and did things by the book. Only a PAN call was made to alert ATC and request return to Melbourne. No Mayday.