Hi Hobby ist, your result looks about right. As others have pointed out, drill bits will do all sorts of crazy things! Managing those issues is what machinists do. There are lots of things you can do (most of which have been described above) to improve the result. What you have not described is what sort of a result you are looking for. How good, is good enough? The formal description is "Tolerance".
A drill bit is generally considered a roughing tool. Drill bits are great. I use them frequently, when I am not really concerned about the size of the hole, the location of the hole, don't care about the surface finish and if the hole does not need to be round. Before I got into machining I thought I knew something about drilling holes in metal, after working at it pretty diligently for 30+ years, I recognize that I don't actually know very much about drilling holes in metal (please, no comments on being a slow learner).
Anyway, I'll assume you were using a lathe and tailstock drilling. I'll assume you held the aluminum rod in a 3 jaw chuck (1" bar and a 3/4" hole?). So you chucked up said bar, and then you simply stabbed in the center drill, then you switched to a 3/4" S&D drill bit and punched it through (even cleared a few times and hit it with WD40 a couple time). Probably didn't take very long.
That is fine, if your tolerance is pretty broad. It is real easy to improve significantly. 2" deep on a 3/4" hole is not really a "deep hole". Certainly not gun drill territory.
I find that when I amgoing in on a starter hole with a larger drill, the drill will often wobble and produce exactly the result you achieved. There are a couple easy fixes: 1. drill undersize for about 1/2", then bore a starter hole to size and follow through with the drill, 2. bring a piece of bar up to the side of the drill as it is wobbling on the start, just touch close to the business end of the drill enough to stabilize the drill in one position - because the whole thing is going around it will come to center (can simply use the back side of a turning tool).
On a short piece like that, it should be within about 0.01" of how well the staring end of the hole was centered (you didn't start perfectly in the center, it won't get better as you go - but it shouldn't be a lot worse).
For better results?
- be careful of the 3 jaw chuck on thin materials - you can make a round hole, but it won't be round after you remove it from the chuck. A 4 jaw will give better results. Of course, don't grip too hard.
- drill undersize, bore all the way through (if it isn't too deep). At least get a starting bore size, then follow drill, still undersize (if you can't bore that deep), then ream.
- this still does not address the jaw centering or the jaw axial alignment - switch to a collet chuck and it will be better.
- machine the entire sleeve OD & ID without removing it from the chuck: rough the ID, machine the OD (depending on the length you may need tailstock or steady rest support), finish ream the ID & part off.
- and no doubt numerous additional strategies depending on your requirements and the facilities you are working with.
- keep asking, you'll get lots of idea.