The 21-year-old left White Hart Lane for Cardiff City during the summer and expects his former side to compete for major honours after heavily reinvesting in the squad
Andre Villas-Boas added seven new faces over the summer as the club pre-emptively spent the world-record £86 million fee for Gareth Bale, breaking their transfer record three times with the signatures of Paulinho, Roberto Soldado and Erik Lamela.
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"Yeah, with the players they have brought in and the squad they have got, they should be achieving things," Caulker told the Daily Mirror.
"They have spent a lot of money and when teams spend that amount of money you expect big things from them.
Caulker was part of the Cardiff defence which repelled Tottenham's advances for much of Sunday's Premier League encounter, only for Paulinho to back-heel a 93rd-minute winner with his side's 29th effort on goal.
The centre-back feels Spurs are lacking the spark Bale gave them, but was impressed with the impact of the new arrivals.
"It's slightly different there now," he added. "Without Bale they did not have that threat - but they have other players who came in and looked strong. I thought their movement up front was great.
"With the money they have spent they have got great players with a lot of movement. They have got Soldado and [Christian] Eriksen running off and you have got to be focused.
"When you bring on a £27m-plus player in the last minute, like Lamela, it is going to be difficult. With the money they have spent they will all cause teams problems."