The $2.6 billion HomeBuilder stimulus during the pandemic helped fuel inflation and has contributed to a housing shortage because most of the money was spent on renovations, not building new homes, the COVID-19 inquiry has found.

A more comprehensive review of economic measures taken during the pandemic should be held, the inquiry recommended, including into HomeBuilder, the $36 billion cash flow boost for employers, early access to $38 billion of superannuation and additional welfare payments to the jobless.