I am actually taking a course on this right now.

In Norman Rich's book Great Power Diplomacy 1814-1914 he suggests that Austria-Hungary was not in the position to seek out colonial claims as the other Great Powers had. Mainly because Austria-Hungary had objectives in their close proximity, with regards to the Balkan Regions. Already during the 19th century the Balkans were Austria-Hungry's main goals for expansion, but also their main issue as well. With each subsequent territory gain they faced additional ethnicities under their rule. Already the Austria-Hungary Empire was strained, let alone to be able to look outward and at Africa or other seas. Colonies were expensive, extremely so. As John Hobson in Imperialism and later Vladimir Lenin brought up in Imperialism: The Highest Stage of Capitalism used as a point, that colonies were a net loss on majority of the colonizing power and only benefited a handful of people, instead it was used a prestige. Even Germany during this period had no illusions that colonies made the home country rich, instead it was sold as Lebenstraum and German nationalism. On top of which, as Germany found out, to be able to control colonies and support them you needed a navy. Austria-Hungary had very little in the scope of Naval Power. At the onset of the First World War, Austria-Hungary had roughly 250,000 in Naval tonnage, a third of French Naval tonnage, a quarter compared to Germany, and a Sixteenth of British tonnage. This did not allow Austria-Hungary to look overseas simply because it didn't have the Naval reach to do so compared to the other nations exerting their influence in Africa.

Another reason would be that it would have caused friction with the Dual Alliance of Germany and Austria-Hungary. Germany wanted colonies, badly, and had no established colonies at the onset of the start of the Second Reich. If Austria-Hungary was to vie for colonies, it would be competing in an already tight area for control, and against their closest ally who they needed full support for their designs on the Balkans against their biggest rival; Russia.

To recap. The Austrian-Hungary Empire did not have the desire to push outside their already planned designs in the Balkan's, which required them to keep close relations with Germany, they also did not have the monetary funds, nor the Naval Power to exert influence overseas. The Balkan's, in the end, was Austria-Hungary's colonies, and the Scramble there would lead them to clash with Russia.