This is the modern application of Plato's
Republic. The brief version is that such a republic would have "philosopher kings", i.e. ones who are trained up to do the job. Control of the population is garnered by what is called the "Noble Lie". A noble lie in the west would be that "anyone can make it if they work hard enough" or that we all have equality before the law.
However, the ruling class always believes it is the best, even when it isn't. "Aristocracy" comes from the Greek for "rule by the best". While some aristocrats are nice people, others are painfully inbred or of low intelligence. We do see the same thing today with the elite, with some very rich people like, cough, Paris Hilton, having very little qualification to being on a higher rung of society other than family ties. If you see the people who throng the UN, the World Econonic Forum etc, they are not good looking or particularly wise.
For all their attempts to be Plato's Republic they fail. That is because power is often achieved by ruthlessness or surface appeal. These people are not philosopher kings, although they have tame "philosophers" and are kings.
Melbourne Man's ideas are not that secret. They do appear in science fiction over the decades. Both Hitler and Stalin claimed to want to create such societies with superior members and reduction of certain elements.