The subject Mathematical Literacy (ML) prioritises an interplay of mathematics and real-life contexts in pursuit of an empowerment agenda for improved life opportunities. In seeking to identify processes of inclusion-exclusion afforded by different conceptualisations of this interplay, a network of Bernstein's theoretical constructs -- classification, framing, discourses, and the pedagogic device -- are used to analyse how different ML curricula conceptualise the notion of mathematical literacy and the criteria for legitimate communication, knowledge and practice in the subject. This analysis illustrates that despite differences in the formulation of the school subjects ML and Mathematics, enactments of the original ML National Curriculum Statement prioritised heavily mathematised methods in pseudo-realistic contexts. This approach thwarted the critical citizenship agenda of this curriculum and made it possible for ML to be criticised as watered-down mathematics. The analysis then reveals how the current ML Curriculum and Assessment Policy Statement, supported by specific curriculum features, has attempted to overcome these challenges by foregrounding a life-preparedness orientation for empowered self-management and citizenship. This involved weakening the classification of academic and everyday knowledge, strengthening the framing of curriculum specifications, and foregrounding criteria for legitimate communication, knowledge and practice around contextual problem-solving and decision-making. Challenges with this approach are considered.