Pilot58,
Extract from Jepp Pacific, STate Rules and Procedures-Australia Page 1030
MAYDAY — My aircraft and its occupants are threatened by grave and imminent danger and/or I require immediate assistance
PAN PAN — I have an urgent message to transmit concerning the safety of my aircraft or other vehicle or of some person on board or within sight but I do not require immediate assistance.
As it was a precautionary shutdown and he had a spare engine that is functioning normally...........
The Mayday is reserved for when Dick Smith puts out a media release