Mackay's spending was slammed by Cardiff chief Peter Lim this week.
"It is early doors for me and it's encouraging that the club is happy with what I have done," said Solskjaer.
"What happened in the past is not for me, but it guides what resources they give me and what remit I have.
"I brought in players to take us forward. It was different in the summer, they had more money as they had just come up. Now, it is not like that."
Solskjaer was keen to distance himself from the club's statement labelling Mackay's spending as "careless and imprudent".
He added: "This is something that happened before my time and I cannot put myself in anyone else's shoes and say how I feel about what happened before.
"We are in the Premier League and that is for many reasons - including the previous management and the owner's money.
"Together they have made progress and made the club successful."
For breaking stories and all the great banter like us on Facebook: facebook.com/tribalfootball