Please refrain from embarrassing Monday morning umpire opinions.
The ATC recording indicates the most professional and calm communication and decision making that I think I have ever heard in such a situation. The PIC just witnessed the possible death of presumably a best mate/business partner, and passenger/client. A lessor pilot would probably be in a blubbering mess. I probably would be. I cannot fault the decision making. The ATSB will spend their usual 2-4 years of deliberation over something he had minutes, and probably come to the same conclusion (or no conclusion, that's not really their job). In such a scenario, there is no "Mayday" requirement. There is no "Land at the nearest airport" requirement. There is no "Must avoid overflying an orphanage" requirement. It is down to the judgement of the PIC. Based on the extremely clear and concise coms with ATC and clear decision making apparent, I trust that judgement.
This was a tragic event, with a fortunate and safe outcome for one of the aircraft and its occupants.
All 4 individuals involved are very well known and respected members of the aviation and film industry.
A bit of respect, please, folks.