I'd like to elaborate the step drill bit suggestion by @riseagainst IMO the best option by far for drilling medium sized holes in metal with handheld electric drills.
Specifically I would recommend a single flute step drill such as this one:
The problem with drilling holes in metal with a handheld drill is correctly categorized as a 'speeds and feeds' issue - but I think a practical explanation for non-machinists is called for:
Applying less pressure than optimal while drilling a hole causes worse results and more wear on the tools, not less. This is completely different from the behavior of high speed abrasive grinding tools like a dremel for which a very light touch is best. Metalworking tool bits on the other hand function like chisels - their cutting edges dig into the (less hard) material being worked cutting and tearing it away by brute force. Without sufficient pressure to drive the cutting edges of the tool bit into the material being cut the spinning action of the drill motor won't have any direct positive effect whatsoever.
A fast spinning drill will accelerate tool wear from friction but also produce tremendous heat which will, in many materials, soften the workpiece and allow the drill to start cutting even though the pressure at the edge of the tool was too low to cut initially. However some materials respond to this abuse by getting harder or stronger and/or the ever increasing heat will eventually reach the point where the tool itself becomes softer than the target material - goodbye cutting edge.
So even using cutting oil and rotating the drill as slowly as you can will do nothing without sufficient pressure. A bigger twist drill is like using a wider chisel, all the force exerted on it is distributed along a larger area resulting in far less pressure. How much pressure do you need? be happy that pole looks like aluminum and not steel as only 100 pounds of force or so is probably enough (and extremely hard to apply sideways to a hand drill) (calculator here). A .75" twist drill it like the one you have is just about useless for cutting steel without a drill press. The real secret to machine tools being able to carve though metal isn't speed or power - its their rigidity that can apply enough pressure at the edges of their cutting tools to carve steel like butter.
The step drill is perfect for use with hand drills because it cuts with single cutting edge only as long as the step size of the drill ( as it enlarges the hole being cut one step at a time ) so the amount of force required to get the drill to cut into the material is the same for each step ( and similar to the pressure required to get a 1/16" drill to start). It is wise to slow down the rpms as the hole grows however, as the rate of metal removal does increase geometrically. Unlike a twist drill they make almost perfectly circular holes as their cross section is almost circular. I've even cut partially overlapping holes with them, which is impossible with normal drill bits. If you can cut from both sides of your target these bits are their own best deburring tool. Although they are frequently marketed as self-starting, I prefer to make a pilot hole with a sharp twist drill first.
There are 2 flute versions of these bits, but for use in a hand drill the single flute versions are superior in every way. Likewise, for making countersunk holes in metal using a hand drill one flute is far better than 3, 4, or 5.
Finally, since a good step bit will cost $25-$40 if you hardly every need to cut largish holes and don't need precision, go with a super cheap hole saw kit for about $10, they'll work once or twice and cost less than solid drill bits.