Labor and the Coalition are consigning younger generations to a future of higher taxes, ballooning government debt and poorer living standards, Business Council of Australia chief executive Bran Black will warn.

The “brutally honest” reality was that all sides of politics were failing to address the problem of runaway government spending that Treasury predicts over the coming decades, he will say in a speech at the BCA’s annual dinner in Sydney on Tuesday night, according to an extract of his speaking notes.