A drilling or tapping machine includes a housing having a front end through which a drill mounting stub projects; a drill shaft having an inner drill tube carrying a splined bush at a rear thereof and carrying the drill mounting stub at a front thereof, a support tube coaxial with the drill tube, having front and rear bearing nuts mounting the support tube on the drill tube for relative rotation; a spline shaft extending from rear to front through the drill tube, and slidably engaged within the splined bush whereby rotation thereof rotates the drill tube; a moving plate fixed to the rear bearing nut and moveable axially relative to the spline shaft, the moving plate engaging the drill tube to axially move the drill tube relative to the housing; a first drive rotating the spline shaft; and a second drive causing the moving plate to move axially.