As a point of interest - if the hole and shaft are exactly the same size the two parts will fit together. The reason such fits can appear to fail in actual parts is that there are errors in measurement that fail to detect that parts will interfere.
An example piece for honing/grinding capability that I came across once was a pin in a cylinder. There was a rubber plug to seal one end of the cylinder. It was easy to assemble the pin, put it part way into the cylinder and then seal the end with the plug. At that point the assembly could be set upright on the pin. The remaining air in the cylinder would act as a cushion and the cylinder could be spun freely, like a top, which it would do for a long time. At no point would air leak between the cylinder and the pin. The clearance between the two parts was on the order of a few millionths of an inch or less.