Compressed project files have no audio!

I added some label to an mp3 file and then saved it with the 'Save Compressed copy of Project" command.
But opening the Project file just shows the label track and no audio!

Where is my audio??

Audacity 2.0.3 (dmg)
MacOS X 10.6.8

That does work for me using the same machine and Audacity.
I enclosed the stereo sound file I used. You try it. Koz

Do we need to save as a regular project file first an then do the "'Save Compressed copy of Project command?
I was able to successfully save a compressed project that way.

But, once I open the compressed project file again a full size copy of the data seems to be created within the project folder! That seems to sort of negate the whole point of the compression…

No. If you read the message when you click to save a compressed project, or read the Manual, this should be clearer.

The only purpose of a compressed project is to save its data as a small, lossy OGG file, rather than as uncompressed PCM data. The main rationale for that is to produce a much smaller project that you could send to someone else, but still retain data that can only be saved in projects, like envelope points.

When it comes to reopening the compressed project, Audacity decompresses the OGG file as it would any other imported OGG file. Audacity needs lossless PCM data to run many effects such as filters.

No. If your reopened compressed project had no audio, then might you have deleted the OGG file in the _data folder?