What version of Premiere Elements/Elements Organizer do you have and on what computer operating system is it running?
What are the specifications of the source media from the Panasonic camera? It looks like your have 1920 x 1080 with AVCHD video compression and Dolby Digital 5.1 Channel audio. Not sure of frame rate and whether frame rate is interlaced or progressive. Also what is file extension?
What are you or the program setting as the project preset when you transfer your video from Elements Organizer to Premiere Elements workspace? Is it one of the project presets with 5.1 channel in its description?
How are you transferring the video from Elements Organizer to Premiere Elements workspace. Right clicking the thumbnail and selecting Edit with Premiere Elements Editor or other?
What happens to the audio, if you select the correct project preset for your source media, and then import the source media into the project via the program's Add Media (aka Get Media in earlier PE versions)/Files and Folders?
Let us start here and then decide what next.
Welcome to the forum.
One additional question, please:
Are you allowing the Audio in your AV file to Conform? This will need to happen, when you Import (Add Media) your AV files with Audio Streams. It can be almost instantaneous, or can take a moment. This article goes into more detail, regarding Conforming and Indexing upon Import: http://forums.adobe.com/message/3892177#3892177
This is just something to think about, and might not directly address your particular instance.
If you do take a look at the possibility of conforming audio issues existing, just a "just in case" tip if you do not know this already...in the Premiere Elements workspace, watch closing for a temporary progress bar that appears and disappears at the very bottom right of the screen as the file is imported...it will say conforming.....It may or may not appears.